Links in “Integrated Mortgage Disclosures”

October doesn't just bring Halloween this year, but the long anticipated TILA-RESPA Integrated Disclosure rule (TRID). Following in the CFPB’s footsteps, the FDIC has provided guidance of its own in connection with the new rule and how initial examinations for compliance with this rule will be handled. [10/5/15]

There's been a lot of talk from the regulatory agencies about how enforcement of the new TILA/RESPA Integrated Disclosure rule might play out following this past weekend's implementation date. But the House is scheduled to vote this week on a bill that would make the grace period official. [10/5/15]

With the TILA/RESPA integrated disclosure requirements going into effect tomorrow, October 3^rd, the CFPB’s Richard Cordray and the other financial institution regulators will be focusing on the financial institution’s “good faith efforts” to comply with the new rule. To that end, examiners will consider institutions’ implementation plans, including actions taken to update policies and procedures, staff training, and the handling of early technical problems or other implementation challenges. However, at the same time Congress has asked the financial trade associations to keep them informed about TRID enforcement activity. [10/2/15]

The agencies sent out letters Thursday telling bankers that if they make a "good-faith" effort to implement the TILA/RESPA Integrated Disclosure rules, they won't be penalized in their initial examinations. But the letters do not go as far as the industry was hoping. [10/2/15]

With the TILA/RESPA integrated disclosure rule going into effect this weekend, NAFCU’s blog tackles a particularly murky aspect of the new disclosures that is raising lots of questions. This issue is what are “lender credits” and why are they disclosed differently on the loan estimate disclosure versus the closing disclosure. [10/1/15]

Despite the fact that the TILA/RESPA integrated disclosure rule (TRID) is scheduled to take effect this weekend, the House is poised to vote on a bill next week that would delay implementation. The Homebuyers Assistance Act would also create a safe harbor that would protect credit unions from legal recourse through February 1, 2016. [10/1/15]

"Realtors are ready for the change," says a president of a regional Realtor Association, citing a national survey that shows more than 80% of all realtors have received training about the new mortgage disclosure rules. [10/1/15]

CFPB Director Richard Cordray told the members of the House Financial Services Committee yesterday that the CFPB may consider providing a hold harmless period after the implementation of the TILA/RESPA integrated mortgage disclosure rule takes effect this weekend. Cordray indicated that hold harmless period could be about six months, more or less, and suggested that more details could be forthcoming later this week. [9/30/15]

Speaking before the House Financial Services Committee, the CFPB director also said that the agencies will soon be releasing guidance on the enforcement of the TILA/RESPA Integrated Disclosures rule, set to take effect 10/3/15. "There will be time for them to work to get it right. They don't have to be perfect the first day." [9/30/15]

TRID goes into effect in less than a week. If you didn't know that, or worse yet, if you don't know what TRID is, stop right here. Don't take this test. But if you are feeling brave, take this quiz to see how prepared you really are. [9/30/15]