In a statement made today, CFPB Director Richard Cordray stated that the Bureau will seek to delay implementation of the TILA-RESPA Integrated Disclosure Rule until October 1st due to an administrative error that had been made in the rules disclosure and review process.
“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,” said 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.
What this means to you
As long as the delay is confirmed, TRID rule implementation will not begin on August 1st, but rather would end up waiting until October 1st. This allows lenders, title companies and others in the industry much needed time to ensure that the compliance and verification procedures are in place and properly functioning. Real Estate professionals should still take care to review education materials on this topic.