CFPB Officially Moves TRID Rule Deadline to October 3

Following a series of moves to push back the effective date of the TILA RESPA Integrated Disclosure (“TRID”) Rule, the Consumer Financial Protection Bureau (“CFPB”) has now officially delayed implementation until October 3, 2015 (from August 1, 2015).

As previously referenced on this blog, the effective date falls on a Saturday, which the CFPB selected in order to allow institutions to utilize the weekend to transition forms and computer systems.

Additionally, the final rule issued on July 21 makes two corrections to the “Know Before You Owe” form associated with the TRID Rule. Specifically, it modifies the “Calculating Cash to Close” table within the Loan Estimate section of the form, as well as the “Summaries of Transaction” section.

If your institution has questions regarding these changes, please contact Spilman.

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By R. Scott Adams

R. Scott Adams

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