By Maria Hinerman
Jun 25, 2015LINTHICUM, MD, June 25, 2015 — On June 24, 2015, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule change and request for public comment regarding TRID. In the announcement, the CFPB proposes to move the rule’s effective date to Saturday, October 3, 2015.
“The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rules,” said the CFPB on their website. “The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems. A Saturday launch is also consistent with existing industry plans tied to the original effective date of Saturday, August 1.”
The proposal is open for public comment until July 7, 2015. Click here to view a copy of the proposal.
NFM Lending will continue to prepare its employees and clients for TRID. For more information about what NFM Lending is doing to prepare for these important changes, visit www.nfmlending.com/ready-for-TRID.
About NFM Lending
NFM Lending is a mortgage lending company currently licensed in 29 states across the United States. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to their customers and their community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.”
For more information about NFM Lending, please contact:
NFM Lending
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These blogs are for informational purposes only. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Should you have any questions about the information provided, please contact us.