CFPB: Changes to TRID coming soon

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The CFPB launched "Know Before You Owe: The Real Estate Professional’s Guide." The online tool is intended to help industry professionals get up to speed on changes related to TRID that are coming.

TRID – The Latest Regulatory Changes Coming Soon to the Real Estate Industry posted on August 15, 2015 TRID is the new federal consumer disclosure law that’s turning the real estate industry on its head.

1 – UNDERSTAND WHAT’S CHANGED AND WHAT’S NOT In July, The Consumer Financial Protection Bureau (CFPB) published amendments to the Know Before You Owe / TILA-RESPA integrated disclosure rule, commonly referred to as TRID 2.0. That rule became effective October 10, 2017, but compliance isn’t mandatory until October 1,

The CFPB started drafting a Notice of Proposed Rulemaking on the Know Before You Owe rule. And it’s probably coming faster than you think.

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The rule, originally set to go into effect August 1, has been making headlines for months, with feedback coming in from every end of the real estate spectrum that the start date was too soon. The CFPB.

Other than interim final rules, this includes all CFPB final rules, including procedural and interpretive rules. Generally, final rules go through notice and comment before issuance. Interim Final Rule. Under some circumstances, the CFPB may issue final rules without a comment period before issuance.

But Congress would need to pass legislation to actually revamp the law – for example, to change the. the coming recession emerged as a housing bubble fueled by scant regulation, low interest rates.

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As we reported previously, on July 7, 2017 the Consumer Financial Protection Bureau (CFPB) posted on its website long awaited amendments to the TILA/RESPA Integrated Disclosure (TRID) rule, and a proposal to address the so-called "black hole" issue (regarding limits on the ability of a credit to reset tolerances with a Closing Disclosure).

Here’s what the CFPB is recommending as it relates to third-party debt collectors (proposed new rules related to banks and credit card companies will be coming soon): 1. Collectors should make sure.

Let’s be honest, even saying the integration of the Real Estate Settlement Procedures Act with the Truth in Lending Act to form the TILA-RESPA Integrated Disclosure, or TRID, sounds like. We have.