Written By: Tammy Butler, Editor, MortgageCurrentcy.com
TRID (TILA-RESPA Integrated Disclosures) was implemented October 1, 2015. However, like all new regulations, there are always clarifications and technical issues that need to be addressed based on the feedback from those having to implement the rule. The TRID rule was comprehensive, changed the way we disclose to consumers and quite confusing when first implemented. There were many procedural questions and technical issues left unanswered, and as a result exposed lenders to possible litigation by consumers or fines for non-compliance of the rule. With this release, the CFPB seeks to clarify the biggest issues lenders have faced.
The documents was dated July 7-2017 and it effective-60 Days After Posting in Federal Register-Mandatory Implementationóbut no later than 10-1-2018.
This release is over 559 pages, so we have not had the time to dissect the document completely for this issue.
Written By: Tammy Butler