The National Association of REALTORS® as well as mortgage and housing industry trade groups have asked the Consumer Financial Protection Bureau (CFPB) to consider a formal grace period or extend the deadline for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule.
HousingWire.com reported yesterday that the Mortgage Bankers Association, the Credit Union National Association, the National Association of Federal Credit Unions, the Community Home Lenders Association and the NAR have been part of the conversation with the CFPB. Among fears about the policy change: Closing will be delayed, confusion will reign as brokers and banks try to sort out the new rules and software used to process financing might not be in place.
The CFPB originally set Aug. 1 as the TRID deadline, then proposed changing the date to Oct. 1, and most recently to Oct. 3. Following a period of public comment that ended July 7, CFPB has not yet made an official announcement.
For more information on TRID, check the IAR TRID page.