LINTHICUM, 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

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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The Consumer Financial Protection Bureau (CFPB) issued a statement on Wednesday, June 3, 2015, stating that its enforcement of the TILA-RESPA INTEGRATED DISCLOSURES (“TRID”) will be sensitive to mortgage lenders making a good faith effort to enforce the new rule. Richard Cordray, Director of the CFPB, addressed the statement to Senators Joe Donnelly and Tim Scott, and recognized that the implementation of TRID will post challenges to industry professionals. Cordray also outlined the CFPB’s plan for implementing the new rule.

Cordray was also adamant that TRID would not delay most closings, and clarified the three circumstances under which an additional 3-day review period, or re-disclosure, will be required:

  1. An APR increase of more than 1/8 of a percent for fixed-rate loans, or 1/4 of a percent for adjustable loans. A decrease in APR will not require re-disclosure, if it is based on changes to interest rate or other fees.
  2. The addition of a prepayment penalty
  3. The loan product itself changes, (i.e., from fixed-rate to adjustable-rate)

Cordray closed his statement by saying that the CFPB’s support of the implementation of TRID will not end on August 1, and that regulators will be sensitive to lenders making good-faith efforts to enforce the new rule. To read the full statement, click here.

While this is a step in the right direction, both Congress and the mortgage industry quickly responded that still more was needed.

“Nearly 300 Senators and House Members have written to Director Cordray asking for a formalized hold harmless,” said U.S. Reps. Blaine Luetkemeyer (R-MO) and Randy Neugebauer (R-TX) in a joint statement. “Anything short of that is unacceptable.”

For more information on how NFM Lending is preparing for TRID, visit