CFPB postpones TRID effective date
The industry
got a little breathing room last night when the Consumer Financial Protection Bureau announced
a two-month postponement for the new TRID rules and forms. Due to an error that the Bureau had
made in federal regulation rulemaking law, a delay of at least
two weeks would be required. The CFPB
concluded that this would cause enough disruption that it would be better to make it a
two-month delay.
This is just a
preliminary announcement. The delay is a proposal that is subject to
formal approval by the agency.
What does this mean for you,
and us?
We've put out the word that you need to upgrade to the new version of Standard Conveyancer (we call it
Closing Center) to get
the new TRID Closing Disclosure. Response has been not as vigorous as we'd hoped -- it's as if everyone assumes they can do
this in late July and be all set for August 1st. The problem is that so many people are putting this off that
if you wait you won't get the most from our training.
This delay means that we can give you more attention in the upgrade process -- but only if you act sooner rather than later.
If you do not have
SC Closing Center already,
until this week you were in the group of stragglers we were going to have to upgrade at that last moment (July).
Now you have a second chance to get ahead of the game and get Closing Center
and the TRID Closing Disclosure well ahead of time.
Please follow the news at our TILA-RESPA
Integrated Disclosures (TRID) Center for additional information
through the coming months.
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Integrated
Disclosures QuickFact
While it's
based on the HUD-1 and TIL forms, the new Closing Disclosure is
not called the HUD-1. Responsibility for RESPA has been moved
from the Department of Housing and Urban Development (HUD) to
the CFPB.
SC Closing Center QuickFact
Closing
Center is based on Standard's HUD-1 screens you have been using
since 2010, which makes it very easy to learn. It
runs on 64-bit and 32-bit Windows computers. For most offices,
we can have you up and running and trained on Closing Center in
about an hour!
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