We have a date! TRID takes effect on October 3rd

TRID takes effect on October 3, 2015. Loans originated on or after that date will use the new Loan Estimate and Closing Disclosure. In yesterday’s press release announcing the final rule, the Consumer Financial Protection Bureau (CFPB) noted, “The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rule.”
 
Although there were many hoping for it, the CFPB has not announced a period of restrained enforcement or reiterated Director Richard Cordray’s comments to Congress last week. Referring to the first months of TRID implementation, he had stated, “We will not be looking to be punitive to people."
 
In June, the Consumer Financial Protection Bureau proposed delaying the effective date of the TILA-RESPA Final Rule and Amendments and the implementation of the new TRID Loan Estimate and Closing Disclosure forms. The Bureau took comments from the public through July 7th. After reviewing the comments from consumers, creditors, industry associations and others, the CFPB announced the adoption of the proposed changes.
 
TitleExpress Upgrades and Training
Take advantage of the extended deadline by using the next two months to prepare your TitleExpress system. You can create new Master Orders tailored to the Closing Disclosure that will simplify your process, setup System Management options for our new features and practice completing the Closing Disclosure in TitleExpress.
 
If you still need the TRID update, TitleExpress 8, which includes the new Closing Disclosure, is available for current software subscribers to download in the Online Support Center. For more information about TitleExpress 8, contact TSS Software Services at support@iwantTSS.com or 443-321-5600, Option #1.
 
Our TitleExpress training calendar provides a list of the complimentary classes available on using TitleExpress with TRID. Recorded versions of our webinars are also available in the Video Library.

Posted on 7/22/2015 12:55:00 PM by Kerry McCutcheon

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