By Gene DiPaulaJul 22, 2015
On Tuesday, July 21, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule delaying the effective date for the TILA-RESPA Integrated Disclosures (TRID) to October 3, 2015.
The new Loan Estimate and Closing Disclosure documents will replace the Good Faith Estimate, the HUD-1, and the Truth in Lending Statement on most residential loan transactions. This change is anticipated to have wide-reaching effects on the mortgage and real estate industries.
The TRID changes were originally scheduled to take place August 1, 2015; however, after pressure from Congress and industry groups to delay this deadline, or to provide a grace period, the CFPB issued a proposal to move this date to October 3, 2015. The proposal was open for public comment on the CFPB website until July 7, 2015. In their press release announcing the delay, the CFPB stated that it believes scheduling the effective date on a weekend will “facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems.”
NFM Lending is continuing to prepare its employees and clients for TRID. For more information about this new rule, and what NFM Lending is doing to prepare, click here.
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.