On June 17, 2015, the Consumer Financial Protection Bureau announced that it would propose to delay the RESPA/TILA Integration or TRID until October 1.
In a statement issued by CFPB Director Richard Cordray, he said the decision was made “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.”
Following the announcement, NAR President Chris Polychron was quick to applaud the CFPB’s decision. NAR has long advocated the need to avoid implementing the new regulation during the peak summer selling season.
“The action announced today by the CFPB is a welcome step. NAR has long advocated the need to avoid implementing the new regulation during the peak summer selling season. NAR welcomes the CFPB’s proposed extension to October 1, 2015, as well as the earlier ‘sensitivity’ they offered to companies making a good-faith effort to comply with the new TRID regulation. We will continue to work with CFPB to minimize any possible market disruptions or uncertainty that could develop following the implementation. REALTORS® appreciate that the CFPB has demonstrated an understanding of the need for additional time to accommodate the interests of the many consumers and providers,” he said.
Visit www.realtor.org/respa for more information on TRID and the link below for the CFPB statement.