On June 24, 2015, the Consumer Financial Protection Bureau (CFPB) proposed October 3, 2015, as the new implementation date for the "Know Before You Owe" mortgage disclosure rule, known in our industry as the TILA-RESPA Integrated Disclosures (TRID) rule.

Previously, on June 17, the CFPB had changed the date from August 1 to October 1. According to a statement from CFPB Director Richard Cordray, made at the time of the October 1 change, the bureau "made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks." The CFPB indicates that moving the effective date to October 3 will benefit both industry and consumers with a smoother transition to the new rules, and that scheduling the effective date on a Saturday gives the industry extra time over the weekend to test and launch new systems.

• Read the June 24 statement from the CFPB.
• Read the June 25 statement from ALTA.

In keeping with our previous comment on this topic, ATG sees this as a welcome development.The industry, including ATG executives, has been lobbying for a delay in enforcement or implementation as there remain several technical issues that still need resolution. The August implementation date threatened to complicate the real estate conveyancing process during its busiest season. We urge ATG members to take the additional time to continue to prepare for what will be a significant transition. For ATG training opportunities, see ATG Provides Agent Training on TILA-RESPA Integrated Disclosures. Watch your email and our website for more information. 

[Originally posted 6-17-15; Updated 6-30-15]