Initial reactions to the proposed revisions to the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule – also known as the "Know Before You Owe" (KBYO) rule – continued to flow in this past week.

In addition to making numerous clarifications and technical corrections to the rule, which took effect last October, the bureau is proposing certain new provisions – for example, changing the rule so that it covers all cooperative units and adding new requirements pertaining to the sharing of borrower information among third parties.

All of the proposed changes are outlined in a 293-page document that was released by the bureau in late July. Comments on the proposal are due by Oct. 18.

MortgageOrb interviewed compliance expert Richard Andreano Jr., partner with Ballard Spahr, and others to get their opinions on whether the proposed changes go far enough to address industry concerns.

"The proposal is viewed as a first step to have the CFPB start addressing concerns with the TRID rule. The CFPB's decision not to address cures – or to formalize the guidance on liability provided in Director Richard Cordray's Dec. 29, 2015, letter to the Mortgage Bankers Association (MBA) – is viewed as a significant shortcoming of the proposal," said Andreano.