Reminder: New TRID Rules Effective as of Saturday, October 3rd. REALTORS® should be aware that the TRID Rules represent definitive changes that impact Lenders and will also impact the parties and participants in the real estate transaction. An understanding of the process under TRID will increase the ability of the real estate brokerage community to provide guidance to Buyer and Sellers,...
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...
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...
Consumer Financial Protection Bureau (CFPB) announced that it would be “sensitive” to companies that make a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation that goes into effect on August 1, 2015. This is a welcome development that can be compared to the effective CFPB implementation of...
As the requirements of the 2010 Dodd-Frank Act continue to be implemented throughout the country, most Colorado REALTORS® have a basic familiarity with the new federally mandated mortgage loan disclosures that will be required be-ginning August 1st of this year. The Consumer Financial Protection Bureau (CFPB), an independent federal agency with oversight of the US financial industry, was created by the...