TRID Grace Period

  • October 22, 2015

Mortgage lenders and professionals have been calling for a TRID grace period since the new rule was first announced. With the extensive overhaul in how mortgages are now processed, a grace period would offer lenders who have adopted the new regulations in good faith a grace period to comply.
This grace period is known as the Homebuyers Assistance Act and was officially granted on October 7, 2015. The grace period will be effective for four months giving lenders the opportunity to work diligently towards full compliance during this time.
While at first the House declared the bill would be vetoed, the Act was passed on a 303-121 vote thereby giving lenders the leeway needed to comply and borrowers the wiggle room necessary to continue investing in the market without any additional setbacks that could be brought on with this new rule. The Homebuyers Assistance Act will now help prevent government and lender delays when a borrower is buying a home during this transition period into full compliance with TRID by lenders.

Latest Tweets

© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at To verify our complete list of state licenses, please visit and NMLS Consumer Access (