The Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures (known collectively as TRID) rule, scheduled to take effect on August 1, 2015, has been delayed until October 3, 2015.

A question concerning a enforcement grace period after the October 3 date was raised by both the title and mortgage industries, and the CFPB denied this request, stating it was “sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the rule on time.” The bureau also noted that further delays imposes “unnecessary costs on both those segments of industry that have worked hardest to implement on time and on consumers and would be inconsistent with the underlying intent to aid consumer understanding of mortgage loan transactions.”

October 3, which falls on a Saturday, was chosen to allow the real estate industry necessary time to launch new systems configurations and to test procedures. The original implementation date, August 1, was also a scheduled Saturday start.

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