RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

CFPB Announces Two-Month Pushback of TRID Rule

Home Best Practices
June 18, 2015
Reading Time: 2 mins read
1
CFPB Announces Two-Month Pushback of TRID Rule

October_2015_calendar_TRIDThe Consumer Financial Protection Bureau (CFPB) announced this week a proposal to push back the effective date of the TILA-RESPA Integrated Disclosure rule, which combines two mortgage disclosure regimes into one. The new date is set for October 1. The rule, originally set to go into effect August 1, has been making headlines for months, with feedback coming in from every end of the real estate spectrum that the start date was too soon.

The CFPB credits the two-month delay to an “administrative error.”

“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,” says CFPB Director Richard Cordray.

“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,” added Cordray.

“Clearly, the Bureau listened to the concerns that industry has for consumers,” comments Michelle Korsmo, chief executive officer of the American Land Title Association. “Consumers would be helped even more if the CFPB also announced a specific hold-harmless period for industry to understand how the forms will work in real life transactions. Under TRID, some mortgage lenders and settlement service providers may initiate additional risk-management tactics that could slow the closing process for homebuyers.”

Frank Keating, ABA president and CEO, concurs. “This extension will help protect consumers from disruptions during a traditionally busy period for home purchases,” says Keating. “It will also help to assure new loan origination systems and compliance software under development by lenders and the vendors on whom they rely will be adequately installed and debugged, and staff training completed, before the effective date.”

“The action announced today by the CFPB is a welcome step. NAR has long advocated the need to avoid implementing the new regulation during the peak summer selling season,” said National Association of REATLORS® President Chris Polychron. “REATLORS® appreciate that the CFPB has demonstrated an understanding of the need for additional time to accommodate the interests of the many consumers and providers.”

Stay tuned to RISMedia for continuing coverage.

ShareTweetShare
Susanne Dwyer

Susanne Dwyer

Related Posts

Most REALTORS® Recommend Improving Curb Appeal
Agents

Most REALTORS® Recommend Improving Curb Appeal

March 20, 2023
Diversity at the Brokerage Level: Nurturing Female Leadership
Agents

Diversity at the Brokerage Level: Nurturing Female Leadership

March 20, 2023
NAR Hosts Policy Forum on the Current Housing Market and Affordability
Agents

NAR Hosts Policy Forum on the Current Housing Market and Affordability

March 20, 2023
Delving Into Real Estate Social Media Marketing Best Practices
Agents

Delving Into Real Estate Social Media Marketing Best Practices

March 20, 2023
4 Ways to Leverage Augmented Reality to Improve the Homebuying Experience
Agents

4 Ways to Leverage Augmented Reality to Improve the Homebuying Experience

March 19, 2023
Thoughts on Leadership: Lessons From Jennifer Lopez
Brokers

Thoughts on Leadership: Lessons From Jennifer Lopez

March 19, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

4 Tips to Modernize Your Marketing Strategies

Nothing is worse than stale marketing, especially when the entire real estate industry is looking for new ways to capture consumers' attention. In this competitive environment, standing out is paramount to reeling in more business. Read more.

Business Tip of the Day provided by

Recent Posts

  • Most REALTORS® Recommend Improving Curb Appeal
  • 7 Luxury Options for Kitchen Counters
  • Recreational Activities That Can Boost the Value of Your Home

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X