The Consumer Financial Protection Bureau has released three surveys for various industry members to assess the TRID rule, including one specifically for closing companies.
The surveys are designed to help the CFPB learn about the experiences of industry participants and help the CFPB understand the effects of the TRID rule and more accurately estimate these effects.
“This survey is intended for REPRESENTATIVES OF INSTITUTIONS THAT CONDUCT CLOSINGS FOR RESIDENTIAL REAL ESTATE TRANSACTIONS THAT ARE SECURED BY MORTGAGE LOANS COVERED BY THE TRID RULE,” it stated. “For the purpose of this survey, an institution that conducts the closing, or settlement, in a real estate transaction may include a law firm, a title company, a settlement company, an escrow company, or any other party providing the service of real estate closing.”
The survey form states that it will aggregate and anonymize its findings from the survey in an assessment report to be published on or before Oct. 3, 2020.
“The bureau will not identify either you or your institution in any reports or other publications that it issues based on this survey, nor will such reports or publications disclose information in a manner allowing attribution to specific institutions or individuals,” the survey stated. “Where you submit information that you both customarily and actually treat as private, the bureau intends to treat it as confidential in accordance with its confidentiality rules at 12 C.F.R. part 1070, including § 1070.20.”
The survey asks about the participants’ business, their implementation of the TRID rules (including any temporary compliance measures they used), the ongoing costs of complying with TRID, consumers’ experiences, and the types and costs of settlement services participants’ companies provide.
It stated that the survey should take 20-30 minutes to complete. The bureau asked that participants submit their responses by March 6, 2020.
You can access the survey here.