Late last week, Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), announced the Bureau will seek to delay implementation of the new mortgage disclosure requirements and forms until October 1, 2015. The new requirements and use of new forms were scheduled to take effect on August 1, and Director Cordray cited an administrative error as the reason for seeking the delay of implementation of the rule until October 1. At this time, the proposed amendment has not been made available, and neither the comment period nor the decision timeline has been defined. The public will have an opportunity to comment on the proposed amendment, and the CFPB has stated that a final decision is expected shortly thereafter.
What Does This Mean For You?
This news has not changed Cartus Home Loans’ project plan; Cartus Home Loans remains committed and on track to be ready to implement the changes necessary in accordance with the original deadline of August 1, 2015. In the event that the effective date is moved to October 1, we will adjust our plans to ensure that we can maximize the additional time provided to further ensure compliance with the new TILA-RESPA Integrated Disclosure (TRID) rules, including conducting additional testing of our processes and training to our employees. In any event, we’ll be ready when the new rules go live, so the process will be seamless for your transferring employees. Visit our TRID website for more information, and we will continue to keep you informed of any updates as they occur.
If you’re not aware of the upcoming changes to the TILA-RESPA process, read our past blog post for an overview.