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CFPB proposes another delay to TRID start date

A federal agency has pushed back the proposed date for the implementation of new consumer disclosure rules known as “TRID” by another two days, to Oct. 3.

The newly proposed date by the Consumer Financial Protection Bureau (CFPB) falls on a Saturday, which the agency said should make it easier for lenders to test their systems over the weekend. Last week, the CFPB proposed delaying the original Aug. 1 start date for two months for The Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), known as TILA-RESPA Integrated Disclosure, or TRID.

In documents posted Wednesday seeking public comment on the proposed new start date, CFPB acknowledged that it failed to notify Congress and the U.S. Government Accountability Office (GAO) of the rule change until mid-June. Federal law required notice within 60 days of the effective start date, so this automatically required the Bureau to delay TRID until at least Aug. 15.

The CFPB, however, said some lenders are reporting they won’t have their systems ready and tested in time, and that a mid-month start date would create “additional challenges.”

CFPB said the original 21-month implementation period through Aug. 1 was reasonable, but system-update delays “have left creditors and others with limited time to fully test all their systems and system components,” so the Bureau is proposing a two-month delay to give the industry more time to adjust.

TRID mandates that the mortgage industry produce two rounds of streamlined forms for consumers that reveal mortgage costs — within three days of applying and three days before closing — making those costs easier for consumers to understand. Another major change is a mandatory waiting period of at least three days before closing. Changes to the loan within this window could trigger another three-day waiting period.

The CFPB has already indicated that it plans to work with lenders who show a good-faith effort to comply, a signal that some analysts have taken to mean that the Bureau plans a relaxed-enforcement period. Mortgage trade groups, however, have wanted a guaranteed grace period to test their systems. In late May, nearly 300 members of Congress signed a letter urging the CFPB to extend enforcement through the end of the year. Several mortgage and housing industry trade groups recently urged Congress to pursue that bill to hold lenders harmless for any mistakes through the end of the year.


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