The Consumer Financial Protection Bureau (CFPB) last week announced it is proposing a 60-day delay in the effective date of the TILA/RESPA Integrated Disclosure (TRID) rule set to take effect on August 1 of this year.
The delay, which has been sought by the National Association of REALTORS® and other consumer groups, would set the new implementation date for TRID as October 3rd, 2015. The delay will not be finalized until after a public comment period closes on July 7th, and the National Association of REALTORS® (NAR) plans to submit comments in support of the proposal.
In his statement announcing the proposed delay, CFPB Director Richard Cordray said a newly discovered “administrative error” would have delayed the law by at least 2 weeks under federal law, and that the new implantation date would “better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”
In May, Realtors® from across the nation met in Washington, D.C., and asked their members of Congress to sign a letter asking CFPB for a grace period for the rule, which will replace the HUD-1 settlement statement, Good Faith Estimate forms, and Truth in Lending Act disclosure with a new Closing Disclosure and a new, single Loan Estimate. There will be changes to the closing process as well, including a new rule preventing any changes to the loan terms or settlement amount within 3 days of the closing date.