The Consumer Financial Protection Bureau will not extend the Aug. 1 deadline for the new TILA/RESPA Integrated Disclosure rule.
Industry talk quickly spread after a speech from Steven Antonakes, deputy director of the Consumer Financial Protection Bureau, on Wednesday to the Consumer Bankers Association, suggesting that the CFPB could delay the Integrated Disclosure deadline.
“We have no plans to delay the deadline on the new mortgage disclosure forms. The industry should be prepared to begin using the new forms for loans with an initial application submitted on or after Aug. 1,” said Sam Gilford, spokesperson for the Consumer Financial Protection Bureau.
Instead, “The deputy director was pointing out that the Bureau is open to considering new information from stakeholders, not to delaying the deadline,” continued Gilford.
“TRID is 1,888 pages in length and affects every business functioning in the single-family mortgage market,” said Jeffrey Schummer, the Mortgage Bankers Association’s vice president of education development.
The CFPB issued the rule and combined the mortgage disclosure regimes established by the Truth In Lending Act and the Real Estate Settlement Procedures Act into one single rule.