CFPB Officially Extends TRID Implementation to Oct. 3rd
The Consumer Financial Protection Bureau (CFPB) has issued a final rule moving the effective date of the TILA-RESPA Integrated Disclosures (TRID) rule (otherwise known as the Know Before You Owe mortgage disclosure rule) to Oct. 3, 2015. This after CFPB Director Richard Cordrday said that the CFPB would delay the effective date of the TRID rule until Oct. 1.The CFPB has issued the proposal, with a proposed effective date of Oct. 3 instead.
TRID requires new mortgage disclosure forms that are designed to clearly lay out the terms of a mortgage for a homebuyer. The Bureau issued the new date to correct an administrative error that would have delayed the effective date of the rule by at least two weeks.
The Bureau is finalizing Saturday, Oct. 3 as the effective date.
NAR said in a statement that it has worked diligently with the CFPB throughout this process, helping to ensure that the upcoming harmonization of TILA-RESPA disclosures is carried out with as little disruption to the industry as possible. In addition, NAR has worked hard to ensure our members have the information they need to help educate their clients about the rule and continue the business of real estate without interruption.
“August is a busy time for Realtors®, as home buying and selling picks up around the summer season. CFPB’s recognition of the challenge that an August implementation posed for the industry is a big win for Realtors®, for lenders, for consumers and for everyone involved,” said National Association of REALTORS® President Chris Polychron. “An October 3 implementation will help ensure that our industry has time to prepare for the changes ahead while helping consumers get to closing without delay.”
Critical: Not Understanding TILA RESPA Can Cost You Business
Are you up to speed of the many implications of the new CFPB disclosure requirements? Not knowing these new rules can cost you money, a deal, or clients. This information is critical for our membership, which is why we’re offering a free webcast on TILA RESPA Integrated Disclosures. Join us on July 29th from 9am – 10:30am for an interactive discussion focusing on last minute perspectives from the mortgage, title, REALTOR® and legal fields on industry best practices as we approach the eve of the new CFPB disclosure requirements. Click Here to Register
