TRID Enforcement TILA RESPA Documentation - Aug 1 2015 date extended

[Brian Gibbons]

It's official: CFPB will grant grace period on TRID enforcement Open-ended grace period protects institutions acting in "good faith"

June 3, 2015 11:32AM

The Consumer Financial Protection Bureau will not delay implementing the complex TILA-RESPA Integrated Disclosure requirements that go into effect Aug.1, but there will be a good-faith enforcement grace period that both the mortgage industry and a bipartisan coalition in Congress have asked for.

The TRID rule, which was brought forth by the CFPB, has a sweeping impact on the real estate market through the implementation and compliance costs it requires.

David Stevens, chairman and CEO of the Mortgage Bankers Association, told HousingWire Wednesday morning that CFPB Director Richard Cordray informed him that there will be a delay in enforcement.

http://www.housingwire.com/articles/34081-its-offi...