TRID Implementation Delayed; MBA's Stevens Comments

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Posted To: MND NewsWire

Implementation of the Know Before You Owe mortgage disclosure rule has been delayed until October 1 . The rule was originally supposed to be implemented on August 1 although the Consumer Financial Protection Bureau had recently announced that enforcement of the rule and use of the associated TRID disclosure forms would not begin until January 1, 2016 . In announcing the decision to delay CFPB Director Richard Cordray said, "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...(read more)

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Source: http://www.mortgagenewsdaily.com/06182015_cfpb_trid.asp

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