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Tag Archives: TILA-RESPA Integrated Disclosure

CFPB Postpones TRID Effective Date to October 1

A proposal to delay the effective date of the TILA-RESPA Integrated Disclosure (TRID) rule was announced on Wednesday by the Consumer Financial Protection Bureau (CFPB). The proposal is requesting that the TRID rule be postponed until October 1, 2015 due to an administrative error. The TRID rule was originally set to go into effect on August 1, 2015.

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TRID Concerns Linger Despite Recent CFPB ‘Grace Period’ Announcement

Despite the recent announcement from the Consumer Financial Protection Bureau (CFPB) to provide a grace period for servicers attempting to comply in good faith with the TILA-RESPA Integrated Disclosure (TRID) requirements that are scheduled to go into effect August 1, lingering TRID concerns remain. The Association of Mortgage Professionals (NAMB) and other housing associations, requested today in a letter that the CFPB implement a hold-harmless period on TRID enforcement. Many housing industry groups are supporting legislation that would above this period, the press release says.

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CFPB Announces ‘Good Faith’ Grace Period For TRID Rule Compliance

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.

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Newbold Introduces New TRID Service Offerings

Newbold Advisors has expanded its decade-strong regulatory and compliance support practice with new TILA-RESPA Integrated Disclosure (TRID) service offerings, according to a recent company press release. As the August 1, 2015 deadline quickly approaches, Newbold intends to assist lenders in supporting the transition to the new rules, finalize new process implementation, create contingency plans, and resolve any post-implementation issues.

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Congress Requests TRID Grace Period

CFPB

Representative Carolyn B. Maloney (D-New York), Andy Barr (R-Kentucky), along with 252 other House Members have wrote a letter to the Consumer Financial Protection Bureau (CFPB) requesting a grace period that would help lenders and home buyers comply with new TILA-RESPA Integrated Disclosure regulation. Congress members argue that the rule will place challenges on the entire housing industry and families that are looking to buy a home before the school year begins.

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Title Professionals, Lenders Must Prepare for Industry Changes

Following the Consumer Financial Protection Bureau’s (CFPB) announcement that its August 1 deadline will stand, lenders and mortgage industry service providers are now scrambling to prepare for the day the TILA-RESPA Integrated Disclosure rule (TRID) goes into effect. But it’s not all headache and hassle with TRID.

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New TRID Rule Will Increase Risk of Losses for RMBS

Moody’s Investors Service released a report called, “New TILA-RESPA Rule Will Heighten Possibility of Losses in US RMBS for Rule Violations” revealing that initial challenges for lenders to implement and comply with the new TILA-RESPA Integrated Disclosure (TRID) rule, along with the potential high costs of lenders who do not comply, raise the risk of losses for residential mortgage-backed security (RMBS) trusts.

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