CFPB Proposes Delay to TRID Implementation Date
The CFPB announced (June 17, 2015) that it has proposed to delay implementation of the “Know Before You Owe” – TRID Rule by two months. The Bureau will be issuing a proposed amendment to delay the effective date until October 1, 2015. A final decision will come after a public comment period.
Leading Edge Title will continue to monitor the CFPB’s actions as the amendment is released and will provide updates as they become available. While the delay is probable, we urge our agents, and their business partners, to follow the CFPB website and view any postponement as an opportunity to become better prepared for the new mandates.
###
Bureau’s Press Release:
Statement by CFPB Director Richard Cordray on Know Before You Owe Mortgage Disclosure Rule
WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:
“The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective 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.”
The public will have an opportunity to comment on this proposal and a final decision is expected shortly thereafter.
Thank you: Consumer Financial Protection Bureau