When the August 1st, 2015 date was selected for the implementation of the new TILA-RESPA Integrated Disclosures Rule to take effect, the Consumer Financial Protection Bureau selected a Saturday intentionally to allow vendors the weekend to complete any technical changes that they needed to make in order to process the new forms and rules. When the rule was delayed last week the CFPB did not take advantage of the same weekend allowance.
Today the CFPB announced they would ask for a delay in implementation until October 3rd, 2015, specifically in order to allow the same weekend changeover period for Vendors.
Licensees should still make themselves aware of the new forms and rules prior to the implementation date, and VanEd is offering the new Integrated Mortgage Disclosures course designed to outline for licensees the forms, dates and rules that the new TRID rules will impose on real estate transactions.
Learn more about the new course by clicking here - Integrated Mortgage Dislcosures: The 2015 TILA-RESPA Forms
Written and Published by: VanEd