TRID Grace Period
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.