CFPB Announces 2-Month Delay on Mortgage Disclosure Rule

TWL_2015_june_blog8Lenders will have two additional months to comply with the Consumer Financial Protection Bureau’s much-anticipated TRID rule. The new mortgage disclosure rule, which requires homebuyers to receive more time and information to understand the terms and cost of their mortgage, will take effect on Oct. 1 instead of Aug. 1. CFPB Director Richard Cordray told the media last week that he believes the additional time “would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.” The National Association of REALTORS® responded to the welcome announcement by saying, “NAR has long advocated the need to avoid implementing the new regulation during the peak summer selling season.”

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Image Source: Simon Cunningham