Settlement agents, banks, and lenders who have been hoping for more time to prepare for implementation of the Truth in Lending Act and Real Estate Settlement Procedures Act (TILA-RESPA) are likely breathing a little easier right now. In mid-June, the Consumer Finance Protection Bureau (CFPB) proposed an amendment to the Act, at the request of lawmakers, which will push the implementation date back from August 1, 2015 to October 3, 2015.
If passed, the change will give settlement agents and real estate attorneys two additional months to get their systems and procedures in place before they must comply with the new rules.
Extra Time to Prepare and Test Systems
Referred to as the “Know Before You Owe” mortgage disclosure rule, the reasoning behind the date extension relates to an administrative error that was just discovered. That error would have delayed the effective date of the rule by two weeks anyway. In a concession to concerned banks, lenders, credit unions, and settlement agents, the CFPB decided to push the implementation date back to October 3 giving them more time to prepare for the changes.
October 3 is a Saturday, which may seem to be an odd day for implementation, but the date was picked specifically because it was a weekend. The thought is a weekend start date will provide a smoother transition to the new rule than would a mid-week start date, by providing extra time to launch and test new systems.
Easysoft is Ready, Are You?
While delayed implementation will no doubt make many lenders and agents happy, it will have no impact on Easysoft Legal Software’s plans for the release of our TRID-compliant real estate closing software, EasyCDF. EasyCDF is ready to go and IS available for purchase in both desktop and cloud versions. Now, instead of having just one month to get used to the software, attorneys will have 3 months before they need to use the new forms and capabilities that EasyCDF provides.
Our 100% TRID-compliant software promises to streamline the closing process and make it easier for real estate attorneys to manage closings in-house without worrying about compliance requirements. We have designed the software to be practically error-proof and in complete compliance with all of the planned TRID requirements. The software was designed specifically for real estate settlement attorneys who do not manage closings often or don’t have a large staff capable of handling the closings in-house. Instead of outsourcing this work, attorneys can keep it in-house, adding a new service to their capabilities, and ensuring their clients receive the level of service they expect from the firm.
Easysoft Legal Software will be following the amendment and any additional changes closely, just as we have been following TRID requirements all along. If any more changes occur, we’ll be sure to let you know.