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As a follow-up to my prior post about CFPB’s birthday, here’s a new one. CFPB is giving the industry a present.
Today, CFPB issued the final rule on the extension of the implementation date for TRID. It’s official! The new date is now, Saturday, October 3, 2105 (TRID Start Date). Ain’t that nice?
It doesn’t stop there. The final rule includes technical corrections to two of the TRID provisions.
Specifically, the Bureau is: (1) amending § 1026.38(i)(8)(ii) and (iii)(A) to include, in the amount disclosed as “Final” for Adjustments and Other Credits, the amount disclosed under § 1026.38(j)(1)(iii) for certain personal property sales, thus conforming the calculation of Adjustments and Other Credits on the Closing Disclosure and Loan Estimate; and (2) amending § 1026.38(j)(1)(iv) to include, in the amount disclosed as Closing Costs Paid at Closing, lender credits disclosed under § 1026.38(h)(3), thus conforming the disclosure of the borrower’s cash to close in the Calculating Cash to Close and the Summaries of Transactions tables on the Closing Disclosure.
These technical corrections are in line with existing industry expectations and informal Bureau guidance.
Loading ...So, maybe they aren’t so bad after all. Well, it’s now time to get ready for TRID. Another present they had given the industry. Ain’t that nice, too?
