CFPB Proposes Two-Month Extension for TRID Rule
On June 24, 2015, the Consumer Financial Protection Bureau (CFPB) issued a proposed amendment to delay implementation of the RESPA/TILA Integration or TRID rule due to issues with the Administrative Procedures Act and also to push implementation further into the fall after school starts. The CFPB’s proposal would move the implementation date to October 3, 2015, rather than the earlier required date of August 1. A public comment period on the proposal runs through July 7 and NAR plans to submit comments. NAR has been leading the effort to ensure an effective implementation of the TRID regulation and remains committed to educating REALTORS® on the rule changes and to working with CFPB and industry partners to make the transition to the new rules as efficient as possible.
For more information, visit www.realtor.org/respa