The Consumer Financial Protection Bureau has announced a proposed amendment to the Know Before You Owe mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure 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.
The CFPB believes the new proposed effective date of Saturday, October 3, will result in a smoother transition to the new rule, which requires easier-to-use mortgage disclosure forms that clearly lay out mortgage terms for a homebuyer. The Saturday launch will give the industry time to test new systems configurations and launch new systems related to the rule over the weekend, and is consistent with original plans to launch the rule on Saturday, August 1. The proposal will be open for public comment until July 7.
More than half of the states plus the District of Columbia, along with more than a third of the nation's largest metro areas, were categorized as in the "stable" range in April on the strength of a healthy spring homebuying season, according to Freddie Mac's April 2015 Multi-Indicator Market Index released Wednesday. In addition to 26 states that fell in the stable range, 35 of the nation's top 100 metro areas had an index value in the stable range in April.