Tag Archives: Grace Period

Fannie Mae and Freddie Mac are offering lenders and servicers an informal hold harmless grace period for the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure Rule.

The Consumer Financial Protection Bureau (CFPB) announced on Wednesday morning that a grace period will be in effect for those servicers attempting to comply in good faith with the TILA-RESPA Integrated Disclosure (TRID) requirements that are scheduled to go into effect August 1. While the CFPB did not push back the August 1 implementation date of the rule, it attempted to ease some of those concerns on Wednesday by saying it would take into account a company's good faith effort to comply with the rule after it goes into effect.