The first full workday under the TILA-RESPA Integrated Disclosure rule is in the books, how did everyone do?
Not sure how anyone missed it, but the Consumer Financial Protection Bureau’s TRID rule went into effect Oct. 3, and here’s a primer on the world the industry is in now, and what’s next.
The next big thing is that Congressional sources tell HousingWire that the vote should come on Wednesday or Thursday of this week.
Here’s the rundown of key HousingWire coverage.
Vote will come days after TRID is enacted
Just days after the new TILA-RESPA Integrated Disclosure rule goes into effect on Oct. 3, the House of Representatives will vote on a bill to formalize the Consumer Financial Protection Bureau's hold harmless grace period. Sources tell HousingWire today that the vote should come Oct. 7 or Oct. 8 this week.
Will it be enough?
D-day is upon us. TRID-day that is. So, what exactly does a post-TRID world look like? HousingWire spoke with Terry Moore, senior managing director at Accenture Credit Services, about how much different real estate and mortgage finance will be going forward.
Will it now take longer to close?
TRID will have an impact on mortgage finance and real estate up and down the pipeline. We asked a prominent Florida Realtor how she thinks it will affect homebuyers and sellers, as well as Realtors.
Says challenges still ahead
The new TILA-RESPA Integrated Disclosure rule goes into effect on Oct. 3, and the National Association of Realtors thinks its members will be ready. Nonetheless, giving the industry a grace period couldn't hurt. But we aren't quite there, yet.
Quicken, NAR, others tell WSJ of potential issues
Well, it's coming Saturday, whether you like it or not. Oct. 3 marks the effective date of the Consumer Financial Protection Bureau's Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule or TRID. And some in the industry are voicing concerns about potential issues they are about to face.
The industry continues call for a formalized grace period
Kevin Wall, president of First American Title Insurance Company's Mortgage Solutions group, explained that in the case of recording fees, for example, the actual fee is something that is often unknowable at the time of disclosure under TRID. In a purchase transaction, recording fees are almost always calculated on a per-page basis and one of the documents to be recorded is the deed. But under the disclosure timing mandated by TRID, the disclosure may often take place before the deed is even prepared.