Good News!!! TRID Extended!!!!
Yesterday, I posted a blog regarding the importance of real estate licensees understanding the possibility of real estate closings being delayed because of the August 1 implementation of the TILA-RESPA Integrated Disclosure rules (TRID). Good News!!!
As the workday came to an end June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.
CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 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.”
It is indeed good news that the changes will not take effect during what is historically the busiest time for residential real estate sales. However, the delay does not change the rules and timing. This would be a good time for real estate licensees to familiarize themselves with the changes and to make sure that the attorneys, lenders and title companies that they recommend are prepared.
It is also a good time to put into practice the requirements of the law. Start now, and the October 1 extension will be a smooth transition for you and your clients.
Posted on Thu, June 18, 2015
by Mike Fair filed under