In case you missed it, the Consumer Financial Protection Bureau announced this week that the proposed TILA/RESPA Integrated Disclosure, or TRID, will go into effect on October 3, rather than the originally-scheduled August 1 deadline.
That’s great news. NAR made the case to the CFPB since this process started that implementing TRID during the busy August season posed a challenge for the industry.
Yesterday, NAR President Chris Polychron applauded the official announcement as a “big win for Realtors®,” highlighting ongoing efforts to work with CFPB and ensure Realtors®’ concerns are taken into account as the implementation moves forward.
Of course, many people still have questions about what all this really means, and NAR is continuing to keep members updated on the rule so they can help advise clients on what to expect.
Just last week, NAR held a webinar for members and answered a number of questions on TRID. The webinar is available on our website, and features expert advice from Phil Schulman, a partner with K&L Gates and former official with the U.S. Department of Housing and Urban Development who specializes in federal closing rules, as well as NAR Senior Counsel Finley Maxson.
If you have questions, this is a good place to start. Check it out!