Authored by Robert E. Pinder of Rogers Towers
It’s official – TRID will take effect on October 3, 2015. As we have previously discussed
, ever since the Dodd-Frank Act mandated new, regime-changing, mortgage disclosures, the banking industry has been diligently preparing for the day that the Consumer Financial Protection Bureau (CFPB) implements a Truth-in-Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Mortgage Disclosures Rule – and now we know that that day will be October 3, 2015.
TRID was originally slated to go into effect on August 1, 2015 but, on June 17, 2015, CFPB Director Richard Cordray issued a statement proposing a delay of TRID’s effective date until October 1, 2015. Then, on June 24, 2015, the CFPB followed up on the Director’s statement by issuing a proposed rule that would extend TRID’s effective date until October 3, 2015 (the additional 2 day delay allowed for a Saturday implementation, a schedule preferred by industry stakeholders).