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.
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