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Tag Archives: TRID Rule

House Passes Bipartisan Bill to Provide Formal TRID Grace Period

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.

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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.

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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.

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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.

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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.

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