Date Moved For Implementation of the U.S. TILA-RESPA Integrated Disclosure (TRID) Rule
This past week, the Consumer Financial Protection Bureau (CFPB) announced that the effective date of the U.S. TILA-RESPA Integrated Disclosure (TRID) Rule has been moved to October 3, 2015, and the CFPB provided guidance on two areas of concern for the industry. The new requirements and use of new forms were originally scheduled to take effect in the U.S. on August 1. The CFPB also recognized that this extension allows lenders, vendors, title and closing companies, and others additional time to prepare to meet the TRID rules.
What Does This Mean For You?
This news has not changed Cartus Home Loans’ project plan; Cartus Home Loans remains committed and on track to be ready to implement the changes necessary and will use this opportunity to adjust their TRID rollout plan, and continue to validate and test to ensure that employees will be ready. Visit Cartus Home Loans’ TRID website for more information, and we will continue to keep you informed of any updates as they occur.
If you’re not aware of the upcoming changes to the TILA-RESPA process, read our past blog post for an overview.