TRID Implementation Date Moved Back
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.