After months of waiting, mortgage lenders and banks have their answer. The TRID effective date has been officially moved back to October 3, 2015. That is the CFPB’s final rule for the “Know Before You Owe” mortgage disclosure rule, also known as TILA-RESPA or TRID.
As early as June 24, 2015, the CFPB indicated it would push implementation back from August 1st to October. The August date came under heavy fire from the mortgage industry and Congress, however, the CFPB claims that did not completely influence the date change.
Delayed Implementation Benefits Consumers and Mortgage Industry
The CFPB has said that it believes the revised effective date will “benefit both industry and consumers with a smoother transition to the new rule.” The extra two months gives lenders and agents more time to ensure compliance with the law when October arrives. October 3rd is a Saturday. This day of the week was chosen specifically for the additional time it provides companies to finalize system changes and office procedures. There should be no reason for lenders or closing agents to interrupt business transactions as they make the change, since the date falls on a Saturday.
Consumers benefit from the extension because their mortgage lenders and settlement agents will presumably be more prepared for the change and able to process transactions with minimal delays. Of course, the entire push behind TRID is to benefit consumers by making the mortgage process more transparent. Anytime lenders can process documents more efficiently and explain the process to their customers, is a benefit to consumers.
Get Ready For TRID Well Before October With Help From Easysoft Legal Software
Now that there is a firm and final date to work with, lenders, closing agents, and real estate attorneys can plan how they will comply with the law. One of the easiest ways to ensure compliance with TRID is to use Easysoft Legal Software’s new EasyCDF software.
As soon as Easysoft Legal Software heard about the CFPB TILA-RESPA changes, we got to work updating our real estate closing software, EasyHUD. The result is a completely new software called EasyCDF. EasyCDF has been in design for months and was all ready to go in time for the August 1 implementation date. Now that the deadline has been pushed back, users have even more time to install the software and learn its features before they need to start using it in earnest.
Even though you won’t be required to use the new Loan Estimate and Closing Disclosure forms until October, there is absolutely no reason you can’t learn the software right now! EasyCDF is ready to go and available for purchase now; you can even work through some mock closings to see the software in action so you will be prepared for the October deadline.
Contact Easysoft Legal Software at 1-800-905-7638 to place an order or to arrange a free 30-day trial of EasyCDF.