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:
- From Congress to Director Cordray on May 20th, 2015: http://www.housingwire.com/ext/resources/files/Editorial/Trey-Files/CongressLettertoCFPBreTRIDGracePeriod.pdf
- From Director Cordray to Congress on June 3rd, 2015: http://www.housingwire.com/ext/resources/files/Editorial/Trey-Files/20150603-RC-to-Donnelly-and-Scott-et-al-re-TILA-RESPA.pdf
Empire West Title will be monitoring the very latest in these changes as they are available.
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”.