Mortgage industry: Give us a “good-faith” grace period on TRID

June 3, 2015. The Consumer Financial Protection Bureau will not delay implementing the complex TILA-RESPA Integrated Disclosure requirements that go into effect Aug.1, but there will be a good-faith enforcement grace period that both the mortgage industry and a bipartisan coalition in Congress have asked for. The TRID rule,

While the content of the forms have been updated for TRID, the systems can only compare a single LE with the final CD. While this approach might be permissible if, as many observers expect, there is a TRID grace period, this is not what the regulations call for or how CFPB is expected to examine loans.

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 · A Sort Of Grace Period For CFPB Mortgage Disclosure Rule. The CFPB further indicated that their oversight of TRID implementation would be similar to the approach it took with respect to implementation of the Dodd-Frank Act’s Title XIV mortgage rules in the months following the January 2014 effective date.

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The Consumer Financial Protection Bureau will not delay implementing the complex TILA-RESPA Integrated Disclosure requirements that go into effect Aug.1, but there will be a good-faith enforcement grace period that both the mortgage industry and a bipartisan coalition in Congress have asked for.

"As such, we urge the CFPB to implement a grace period covering lenders who demonstrate a good faith effort. The agency has given the industry a longer implementation period on TRID than it did on.

It’s been a bumpy ride for banks preparing for the sweeping regulation hitting the mortgage industry. under TRID. “This complicates it times two, if not more,” Gwaltney said. “That’s why we asked.

TILA-RESPA Integrated Disclosure requirements go into effect August 1, 2015, but now there will be a good-faith enforcement grace period. CFPB Allows for Grace Period for TRID.

Even though the industry has had nearly two Recently, there has been speculation that a grace period may be given to the industry for the implementation of the TILA RESPA Integrated Disclosure rules.

WASHINGTON Several House lawmakers joined the call Thursday for a formal grace period for new mortgage. so far promised given how long companies have already had to prepare for the new disclosures..

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