October 2, 2015
By William Gilmartin, Marcia Salkin
The new TILA-RESPA Integrated Disclosure (TRID) rules for mortgage closings took effect for new loan applications on October 3. The Director of the Consumer Financial Protection Bureau, on behalf of the six federal financial regulatory agencies, provided written assurances that the early enforcement of the new rules will take into account the good faith efforts of supervised entities. The letter coincides with Director Cordray’s testimony on September 29 before the House Financial Services Committee that early enforcement efforts would be corrective and not punitive for a period of several months.
This letter is the result of NAR’s joining with numerous industry partners to request this written assurance so that lending institutions can proceed with closings under the new rule in a timely manner.