CFPB Proposes Delay on TRID
On June 17, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it would propose to delay the RESPA/TILA Integration or TRID until October 1 due to issues with the Administrative Procedures Act and also to push implementation further into the fall after school starts. NAR has been leading the effort to ensure an effective implementation of the TRID regulation. NAR President Chris Polychron issued the following statement in response:
“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.”
Visit www.realtor.org/respa for more information on TRID and the link below for the CFPB statement.