Yesterday the CFPB announced an extension on the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule applicable to all closed-end transactions securing a mortgage. Previously scheduled to roll out on August 1, 2015, TRID forms will now be required on mortgage loan applications accepted after October 1, 2015.
CFPB Director Richard Cordray was cited in a CFPB article describing the decision to extend as the result of an administrative error.
While we appreciate the extra time to prepare, don't take your hair off just yet! Equitable Title will use this extra time to practice proper procedures, fine tune our tools and calculators and continue training our staff to ensure a smooth transition.
We remind you that this is a learning curve for the entire industry, and the extra two months will likely go by very swiftly!
Please be on the lookout for training classes on TILA-RESPA Integrated Disclosures and accompanying rule and regulations as we approach our new date.