CFPB proposes moving TRID deadline to Oct. 1

TILA-RESPA changes that may affect REALTORS® and customers buying homes may not occur until Oct. 1, according to an announcement by the Consumer Financial Protection Bureau (CFPB) Wednesday.

CFPB Director Richard Cordray proposed the deadline for the TILA-RESPA Integrated Disclosure (TRID) rule be moved from Aug. 1 to Oct. 1 to help consumers, lenders and other professionals involved with real estate transactions adapt to the changes to loan estimate and closing disclosure forms. Housing Wire.com quoted Cordray as saying the proposed amendment to the “Know Before You Owe” rule was initiated by an administrative error and extended further to help “families transition to the new school year.”

With the proposed deadline change, the IAR Legal Webinar “Are you ready for TRID?” scheduled for 9:30 a.m., Thursday, June 25 takes on added importance.

The July edition of Illinois REALTOR® focuses on the TILA changes. Although the article was published just prior to the announcement of the possible effective date change, the analysis by IAR’s Legal Services provides an overview of what’s known and what the consequences might be from the rule’s implementation.

For more information about TRID, check out the IAR resource page.

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