TRID Implementation Date Moved Back

  • June 18, 2015

The Consumer Financial Protection Bureau (CFPB) announced on Wednesday, June 17, 2015 that the implementation date of the TILA RESPA Integrated Disclosure (TRID) rule is postponed to October 1, 2015.
 
After much lobbying by multiple mortgage companies in the industry alongside Congress, the CFPB agreed to revisit the original implementation date of August 1, 2015. An error was identified in the administrative process that would not meet the requirements under federal law thereby delaying the launch date. A proposal has been written and an official decision will be made shortly after the public has had time to comment.
 
A few weeks ago, CFPB announced that they would honor a good-faith period through the end of 2015 for companies showing an honest and active effort to comply with the new rules. While applauded for that first step, an overall postponement was still lobbied for and now addressed.
 
Stay tuned for the latest updates on TRID.

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 www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).