On June 17 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 a 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.”
Visit www.realtor.org/respa for more information. NAR is pleased with the CFPB following through on its pledge to propose an extension of the implementation date for new mortgage closing rules, known as TRID. CFPB’s proposal would make the effective date October 3, rather than the earlier required implementation date of August 1. A public comment period on the proposal runs through July 7 and NAR plans to submit comments.