CFPB and TRID news

Real Estate Agent with Premiere Property Group, LLC 201216288/201224961


The CFPB announced to Congress that it will not delay implementation of TRID on August 1st, however it will grant some leniency for mortgage lenders as they work to comply with TRID.  This news is a non-event really, since the risk of private lawsuits will still be in effect 8/1, regardless of any grace period for CFPB or state enforcement.  With that said, APM continues to charge full steam ahead for full TRID implementation on August 1st….a mere 37 business days away.   


 The CFPB also announced the “Closing Factsheet” (attached) that provides more clarity on APR changes and specifically states that a “decrease in APR will not require a new 3-day review if it is based on changes to interest rate or other fees”.  This is GREAT news and will promote a smoother TRID transition. 

Comments (3)

Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Kevin - It will be interesting when this new process gets implemented, and how it will affect closings. I am sure there will be a learning curve.

Jun 10, 2015 07:01 AM
Kevin & Cindy Kenagy
Premiere Property Group, LLC - Salem, OR
Helping people buy and sell their homes.

Troy - I personally do not see any issues with it. 3 days will not be that big of a thing. We just have to get things done 3 days sooner. accutally like the fact this one shows the paymont on it. LOL. have a great day.

Jun 10, 2015 07:07 AM
Scott Hoen
Carson City, NV
Carson City Clerk Recorder / Public Administrator

Saturday, October 3rd is the date.  Everyone get ready to comply with the new rules - 

Jul 30, 2015 11:41 AM