Following months of uncertainty, the implementation date for new integrated mortgage disclosures has been formally delayed by the Consumer Financial Protection Bureau.
The TILA-RESPA Integrated Disclosures rule, or TRID, was originally set to go into effect at the beginning of next month.
But the mortgage and title insurance industries lobbied hard to push the date out and avoid having a negative impact on the home-buying season.
In early June, the CFPB disclosed a proposal to push the implementation date to Oct. 1. The regulator said that the delay was done to address an “administrative error” and provide some relief for the mortgage industry.
Then, later that month, a new proposal was disclosed by the bureau to push the date to Oct. 3 — a Saturday.
On Tuesday, the CFPB announced that it has issued a final rule pushing the effective date to Oct. 3.
“The bureau issued the change to correct an administrative error that would have delayed the effective date of the rule by at least two weeks, until Aug. 15, at the earliest,” today’s announcement said.
The notice went on to say
that a Saturday implementation will help facilitate implementation by giving the industry time over the weekend to launch new systems configurations and test systems.
