LINTHICUM, 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.”
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