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TRID Deadline Moving to October 1, 2015

June 23, 2015
From President Sandie Tate

From President Sandie Tate

In case you haven’t heard, the Consumer Financial Protection Bureau (CFPB) announced a delay in the implementation of TRID- a.k.a. TILA-RESPA Integrated Disclosure. The “proposed amendment” will push back implementation two months, to October 1, 2015. Guaranty Mortgage Services has been proactively preparing for TRID since March, and we are ahead of the curve in our operational and training preparation…since our sights were laser focused on August 1.

We look forward to using the new TRID disclosure as it should alleviate some of the stress sometimes associated with obtaining a mortgage loan; by simplifying the borrower experience with more review time and user-friendly explanations.

The CFPB issued the followed explanation:cfpb

“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.”

We will notify all partners of any announced changes to the proposed amendment by the CFPB as well as internal process changes in the coming weeks.

 

 

Source: http://www.consumerfinance.gov/newsroom/statement-by-cfpb-director-richard-cordray-on-know-before-you-owe-mortgage-disclosure-rule/

 

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