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.
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