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TRID Implementation Delayed; MBA's Stevens Comments

Thursday, June 18, 2015

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 be busy with the transition to the new school year at that time."

 

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