The Consumer Financial Protection Bureau has announced that the October 3 start date for the new TILA-RESPA Integrated Disclosure (TRID) rule is now official.
The original implementation date of August 1 was delayed after NAR and other industry groups pointed out that the August-September timeframe is especially busy and therefore not a good time to implement major changes in the mortgage closing process.
NAR also continues to press CFPB for written guidance on a number of issues including the need to be specific on the nature of its early review and enforcement of the TRID rule. On that point, CFPB Director Cordray last week told the Senate Banking Committee that the agency’s early review of lender handling of the new rules will be “corrective, not punitive.” He said that policy will be in effect “for many months.”
Remember to consult www.nar.realtor/respa for complete information on the new TRID rules as well as posted webinars and training sessions.