By Gene DiPaula
Jun 18, 2015LINTHICUM, MD, June 18, 2015 — The Consumer Financial Protection Bureau (CFPB) announced Wednesday, June 17, 2015, that implementation of the new TILA-RESPA Integrated Disclosures (TRID), which will replace the Good Faith Estimate, the HUD-1, and the Truth in Lending Statement, may be delayed from August 1 until October 1, 2015.
Richard Cordray, Director of the CFPB, said that the delayed deadline was implemented to correct an administrative error. Cordray’s full statement, published on the CFPB website, is below:
“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.”
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
Toll Free: 1-888-233-0092
pr@nfmlending.com
Twitter: @nfm_lending
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.