CFPB NOT Delaying Implementation of TRID, Just Enforcement

I am here in Denver and had the opportunity this morning to hear MBA President Dave Stevens, under the direction of CFPB Director Richard Cordray, announce an update to the TRID changes.

Specifically, there will be no delay in the implementation of TRID - staying with the August 1 deadline. There will be, however, a specific delay in enforcement in response to direction from the industry, and Congress, for those companies moving toward implementing the measures. It doesn’t, of course, stop lawsuits filed by various parties, but it is a great development.

Of course everyone involved is very concerned about disruptions to the settlement process, and apparently the CFPB is aware of this.

So apparently the CFPB, at least in the foreseeable future, will not use enforcement actions to move ahead with TRID and will watch the progress after August 1st before setting any timeline. That is good news indeed. Watch for the letter going to Congress. And watch for official press releases after this one.