The Consumer Financial Protection Bureau (CFPB) issued the proposed amendment on June 24, 2015 to the know before you mortgage disclosure rule. Which proposes to move the rules effective date to OCTOBER 3, 2015.
The rule, also called the TILA-RESPA Integrated Disclosure rule, requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer. The Bureau is issuing the proposal to correct an administrative error that would have delayed the effective date of the rule by at least two weeks, until August 15 at the earliest.
The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rules.
Contact us to learn more about the TRID rule.
– Tina
Tina Jent-Fodor 