CFPB Officially Extends TRID Implementation Date to Oct. 3rd
The Consumer Financial Protection Bureau (CFPB) has issued a final rule moving the effective date of the TILA-RESPA Integrated Disclosures (TRID) rule, to Oct. 3, 2015. The TRID rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer. The Bureau issued the change to correct an administrative error that would have delayed the effective date of the rule by at least two weeks, until Aug. 15, at the earliest.
The Bureau is finalizing Saturday, Oct. 3 as the effective date. The CFPB believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rule. The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems. A Saturday launch is also consistent with industry plans tied to the original effective date of Saturday, Aug. 1.
“August is a busy time for Realtors, as homebuying and selling picks up around the summer season. CFPB’s recognition of the challenge that an August implementation posed for the industry is a big win for Realtors®, for lenders, for consumers and for everyone involved," said National Association of Realtors (NAR) President Chris Polychron. “An Oct. 3 implementation will help ensure that our industry has time to prepare for the changes ahead while helping consumers get to closing without delay."
The final rule issued also includes technical corrections to two provisions of the TRID rule.