TRID implementation delayed

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UPDATE – turns out the “administrative error” was due to the fact the CFPB failed to file a two-page form to Congress in a timely manner. The form must be filed at least 60 days prior to new laws going into effect. With all of the emphasis on implementing the new disclosures, kind of funny that the CFPB forgot the “dot the I’s” on their own bill.

ORIGINAL POST – The Consumer Financial Protection Bureau delayed the start of the new TILA-RESPA Integrated Disclosures (also called TRID). The reason for the delay is due to an “administrative error” recently discovered that would prevent the TRID documents from meeting the requirements laid out under federal law.

The delay would only have been for two weeks, but the new implementation date is now October 1st instead of August 1st. The reasoning is to basically ensure that the industry is ready, and that consumers aren’t presented something brand new during a hectic time of year (back to school).

Regardless of when, these new TRID documents are coming. If you missed the previous posts about them, you can catch up on the changes reading the posts below:

If you are looking to buy a home in the late summer or fall, make sure the lender you use is aware of the coming changes so that they’ll be sure your loan isn’t impacted. If you are buying in Georgia, rest assured we are ready. Contact me today, and I’ll work with you toward owning your new home!

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