CFPB Proposes Delay of Implementation of TRID to Oct. 1st

On Wednesday, June 17th, the CFPB announced they would propose an amendment to delay the implementation of the TRID (TILA RESPA Integrated Disclosure) from August 1 to October 1st. The Consumer Financial Protection Bureau’s announcement means a two-month delay for the implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure regulation, also known as the Know Before You Owe Mortgage Disclosure Rule or TRID.

“The action announced today by the CFPB is a welcome step. NAR has long advocated the need to avoid implementing the new regulation during the peak summer selling season. NAR appreciates the CFPB’s extension to October 1, 2015 as well as the earlier “sensitivity” they offered to companies making a good-faith effort to comply with the new TRID regulation. NAR will continue to work with CFPB to minimize any possible market disruptions or uncertainty that could develop following the implementation, “said National Association of REALTORS® President Chris Polychron.

For more on NAR’s statement about the proposed delay, click here.

“The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time,” Said the CFPB in a statement on Wednesday.

For more on CFPB’s announcement, click here.