CFPB Announces TRID (TILA RESPA Integrated Disclosure) Grace Period


Patti Nelsen, Assistant VP, SEO

CFPB Announces TRID (TILA RESPA Integrated Disclosure) Grace Period

The Industry welcomes TRID grace period but Congress says it’s not enough.

Some members want a definitive period, more assurances:

  • HousingWire reported on June 3rd that the CFPB will implement a good-faith enforcement grace period for TRID implementation following August 1, 2015. CFPB Director Richard Cordray informed Mortgage Bankers Association (MBA) President David Stevens of the update in a meeting that morning.

Director Cordray also officially announced the grace period in a letter sent in response to the Senate today.  A link to both letters can be found below:

Empire West Title will be monitoring the very latest in these changes as they are available.

Patti2015

Patti Nelsen

Patti will be happy to set up a time to come and teach a group of the up a coming changes effective 1 August, 2015 just email her of your interest.  From the timing of an escrow, new privacy requirements

To how the closing disclosure works.  You can go through the critical time line life of an open escrow based on the new rules.

UPDATED 6/11/2015 – CFPB conference in Atlanta Tuesday and Wednesday and CFPB says now that there will be no “grace period”, however, there will  be leniency.   Now mind you, they would not define “leniency”.

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