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On Thursday, CFPB Director Richard Cordray stated that the bureau is working on a Notice of Proposed Rulemaking on the Know Before You Owe mortgage disclosure rule "for greater certainty and clarity," as urged by NAFCU.

"We appreciate Director Cordray's consideration of our concerns regarding the need for greater clarity on the TRID rules," said NAFCU Director of Regulatory Compliance Bruyere. "This is a welcome first step and there is still a lot of work to be done in order to truly address the ambiguities in the TRID rule. We look forward to the bureau's continuing efforts to facilitate the compliance process."

NAFCU, the Mortgage Bankers Association and six other trades wrote CFPB in January to seek clarification on the rule.

Cordray responded that the bureau hopes to issue the NPRM in late July.

"We recognize that the implementation of the Know Before You Owe rule poses many operational challenges. We also recognize that implementation is particularly challenging because of the diversity of participants, from small to large financial institutions," Cordray wrote.

"We do recognize that incorporating some of the Bureau's existing informal guidance, whether provided through webinar, compliance guide, or otherwise, into the regulation text and commentary would be helpful," he continued. "We also believe that there are places in the regulation text and commentary where adjustments would be useful for greater certainty and clarity."

NAFCU will continue to monitor the issue. NAFCU's Regulatory Compliance team has compiled a set of resources on CFPB's mortgage rules available here.