Grace period announced on TRID enforcement

The Consumer Financial Protection Bureau (CFPB) has delayed the rule’s effective date to Oct. 3, 2015.

This morning, the Consumer Financial Protection Bureau (CFPB) Director Richard Cordray sent a letter to Congress announcing a grace period for enforcement of TRID Regulations.

Citing a desire for “smooth and successful implementation of the Rule” in addition to “considerable input” from interested parties, including the National Association of Realtors® (NAR), Cordray stated that the CFPB “will be sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the Rule on time.”

Cordray did not state a definite end of the grace period in his letter to Congress, but David Stevens, chairman and CEO of the Mortgage Bankers Association, believes that the grace period will be open-ended and is likely to last at least until the end of 2015.

PAR will continue to educate its members on the changes, despite the grace period.