Big news in lending! The Consumer Financial Protection Bureau announced yesterday, June 17th, a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until October 1st. Director Richard Corday issued the following statement yesterday on the Know Before You Owe mortgage disclosure rule,
“The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”
The public will have an opportunity to comment on this proposal and a final decision is expected shortly thereafter. The rule, originally set to go into effect on August 1, 2015, consolidates the TILA-RESPA forms and is meant to give consumers more time to review the total costs of their mortgage.
Fairway is more than ready to handle these coming changes. I would be happy to answer any questions you may have about TRID as well as tell you how Fairway has been preparing for what is ahead.