Despite the negative effects reported about TRID, homebuyers did report a few positives since the rule went into effect October 2015, indicating that the CFPB's rule may be doing its intended job.
Read More »TRID: Putting the Spotlight on Vendor Management
A summary of the mortgage industry during 2015 in one word is “TRID”; in two words, “TRID” and “Terror.” As 2016 commences, TRID may still be at the forefront of the industry, but perhaps for a different reason
Read More »House Passes Bipartisan Bill to Provide Formal TRID Grace Period
The Homebuyers Assistance Act (H.R. 3192), provides the mortgage industry with a grace period through February 1, 2016 by protecting them from enforcement actions if they make a good faith effort to comply with the TRID regulation. The Act passed through the House Financial Services Committee last week. The White House attempted to veto the Homebuyers Assistance Act on Tuesday, according to a Statement of Administrative Policy.
Read More »House of Representatives to Vote on Bill to Make TRID Grace Period Official
House Majority Leader Kevin McCarthy recently released a statement announcing that the House will vote on the Homebuyers Assistance Act next week for those putting forth effort to comply with TRID.
Read More »TRID: Into the Great Unknown
The fact that there is no transition period between using the HUD-1 and the new Closing Disclosure Form might be problematic, according to Bankrate.com senior mortgage analyst Holden Lewis.
Read More »CFPB Sets Final TRID Rule Effective Date
The Consumer Financial Protection Bureau has finally set an official effective date for the TILA-RESPA Integrated Disclosures rule, after much debate and numerous industry requests to delay the rule. The CFPB issued a final rule moving the effective date to Saturday, October 3, 2015 on Tuesday.
Read More »CUNA Asks CFPB to Delay TRID Effective Date Until January 1, 2016
The Bureau had also received many requests from lawmakers, lenders, and other mortgage industry professionals who are concerned with their ability to become fully compliant with the requirements of the rule in time for the original August 1 effective date.
Read More »CFPB Issues Proposed Amendment to Delay TRID Effective Date Until October 3
The Consumer Financial Protection Bureau (CFPB) has announced a proposed amendment to the Know Before You Owe mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which would move the effective date of the rule to Saturday, October 3, 2015. According to CFPB, the Bureau is issuing the proposed amendment to correct an "administrative error" that would have pushed the TRID effective date back at least two weeks from its original effective date of August 1, 2015.
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