The CFPB announced yesterday that it had issued a new proposal to amend and move the TRID implementation deadline from August 1, 2015 to October 1, 2015 in order to address an “administrative error” that would have required the CFPB to push back implementation of the TRID rule for two weeks. Director Richard Cordray indicated in his prepared remarks on the subject that the 60 day extension would allow settlement providers further time to address compliance and to avoid the end of summer buying season in the real estate marketplace. The move has been welcomed by the settlement services industry who continue to push for a “hold-harmless” period that would last until January 1, 2016. So far, those efforts have not succeeded. Nevertheless, the proposed amendment to extend the TRID deadline is expected to go final shortly.
Due to federal rulemaking guidelines, the decision to extend the deadline will now be subject to public comment. Once the amendment is formally announced through the Federal Register, all of you will be able to voice your concerns over the proposal and the rule. Please take a moment to share your comments and concerns with the CFPB as they seek to implement the final TRID rule on October 1, 2015. We will have more information on how you can do that once it is announced.
For all intents and purposes, the TRID deadline will now be October 1, 2015.