CFPB Proposes New TRID Rule Date—Again

After announcing it would delay implementation of the TILA-RESPA Integrated Disclosure (TRID) rule until October 1, the Consumer Financial Protection Bureau is proposing a new implementation date for the rule—adding two additional days for adherence to the new disclosure documents.

Under the proposal, lenders would have until Saturday, October 3, 2015 to comply, the CFPB announced Wednesday, noting the potential for a smoother transition with the rule falling on a weekend date.

“The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rules,” The CFPB said in a notice to lenders. “The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems. A Saturday launch is also consistent with existing industry plans tied to the original effective date of Saturday, August 1.”


The long-anticipated rule, which does not address reverse mortgages directly, integrates Truth-in-Lending and Real Estate Settlement Procedures Act disclosures to present a streamlined set of documents to each borrower during the mortgage closing process.

The Bureau has stated it is working separately on revising reverse mortgage disclosures, but has not disclosed a time frame for implementation, nor has it released drafted documents in that process.

Written by Elizabeth Ecker

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  • This is as bad as an underwriter coming back to a borrower 3, 4 and 5 times with additional conditions. What makes this so bad is not the rational behind the decision but the amount of times it takes to reach a logical conclusion!!!!

    This has to stop some how, the confusion in the markets this is causing is unbelievable. We have armatures at the wheel driving the truck down the road at 90 miles an hour, the truck will eventually crash!

    John A. Smaldone

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