Industry welcomes TRID grace period but Congress says it’s not enough

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The housing finance industry mobilized an enormous lobbying campaign over the month of May seeking relief from the Consumer Financial Protection Bureau’s (CFPB) Truth in Lending Act (TILA), Real Estate Settlement procedures act (respa) integrated disclosures (trid) rule. The rule becomes effective August 1, 2015, and the industry lobbied for a multitude of concessions including [.]

Patti Nelsen, Assistant VP, SEO CFPB Announces trid (tila respa integrated disclosure) Grace Period The Industry welcomes TRID grace period but Congress says it’s not enough. Some members want a definitive period, more assurances: HousingWire reported on June 3rd that the CFPB will implement a good-faith enforcement grace period for TRID.

TRID: The Know Before You Owe Rule. We have all been talking about the tila/respa integrated disclosure rule, also known as TRID. Since this rule is designed to help borrowers understand the terms of their home financing transaction, there is a trend to start referring to this rule as the Know Before You Owe rule instead of TRID.

The Consumer Financial Protection Bureau will not delay implementing the complex TILA-RESPA Integrated Disclosure requirements that go into effect Aug.1, but there will be a good-faith enforcement grace period that both the mortgage industry and a bipartisan coalition in Congress have asked for.. The TRID rule, which was brought forth by the CFPB, has a sweeping impact on the real estate.

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Despite numerous attempts to pass it, a bill that would define a four-month grace period for TRID enforcement is still stuck in Congress – and the White House has already promised to veto it

Mortgage apps drop for 4th consecutive week Mortgage apps drop for 4th consecutive week. Kelsey Ramrez is an Associate Editor at HousingWire. In this role she spearheads the production of HW Magazine. Ramrez is a journalism graduate of.