The Homebuyers Assistance Act (H.R. 3192), provides the mortgage industry with a grace period through February 1, 2016 by protecting them from enforcement actions if they make a good faith effort to comply with the TRID regulation. The Act passed through the House Financial Services Committee last week. The White House attempted to veto the Homebuyers Assistance Act on Tuesday, according to a Statement of Administrative Policy.
Read More »CFPB Will Take a ‘Diagnostic’ Approach to Those Trying to Comply With TRID
Rep. Brad Sherman (D-California) questioned Cordray on the CFPB's much anticipated TILA-RESPA Integrated Disclosure (TRID) rule, which is scheduled to go into effect on Saturday, October 3, and has left those in the mortgage industry scrambling to be compliant in time with that date despite a two-month postponement from the rule's original effective date of August 1.
Read More »CUNA Asks CFPB to Delay TRID Effective Date Until January 1, 2016
The Bureau had also received many requests from lawmakers, lenders, and other mortgage industry professionals who are concerned with their ability to become fully compliant with the requirements of the rule in time for the original August 1 effective date.
Read More »CFPB Issues Proposed Amendment to Delay TRID Effective Date Until October 3
The Consumer Financial Protection Bureau (CFPB) has announced a proposed amendment to the Know Before You Owe mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which would move the effective date of the rule to Saturday, October 3, 2015. According to CFPB, the Bureau is issuing the proposed amendment to correct an "administrative error" that would have pushed the TRID effective date back at least two weeks from its original effective date of August 1, 2015.
Read More »With More Time on the Clock, Preparing Is As Easy As One, Two, TRID…
It didn’t quite have the drama of the old prison movies with the governor calling at the very last minute to grant a stay of execution, but the CFPB’s proposal to push back the effective date of the TILA-RESPA Integrated Disclosure (TRID) rule until October 1 was a welcome reprieve, nonetheless.
Read More »CoreLogic Launches New Compliance Solution to Help Lenders With TRID
CoreLogic recently announced the release of its LoanSafe Compliance Manager, a new solution to help lenders comply with a broad array of federal, state, and local residential mortgage lending regulations, including the upcoming TILA-RESPA Integrated Disclosure (TRID) rule.
Read More »Mortgage Industry Welcomes CFPB’s Proposed TRID Delay
Upon the receiving the news of the CFPB's proposed two-month delay, many lenders, servicers, and other industry members weighed in with their feedback in interviews with DS News, with many expressing their gratitude and detailing the company adjustments they plan to initiate if the proposal is approved.
Read More »CFPB Announces Proposal to Delay TRID Implementation Until October 1
This announcement comes just two weeks after the CFPB announced that a grace period will be in effect for those servicers attempting to comply in good faith with the TRID requirements that are scheduled to go into effect August 1. While the CFPB did not push back the August 1 implementation date of the rule, it attempted to ease some of those concerns by saying it would take into account a company's good faith effort to comply with the rule after it goes into effect.
Read More »CFPB Announces Grace Period For Entities Complying With TRID Rule In ‘Good Faith’
Cordray responded to the lawmakers' letter on June 3, stating the Bureau's desire for a smooth transition and that since the rule was published in November 2013, the CFPB has made it a point to "engage directly and intensively with financial institutions and vendors through a formal regulatory implementation project."
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