CFPB enforcement: The best way to be lucky is to be ready

by MPA08 Oct 2015
On the September 25 episode of my Lykken on Lending radio show, a listener asked a question that I'm sure is on the mind of many with regard to the implementation of TRID guidelines going on right now. Rumors have been circulating for months now that the CFPB might be a little lenient in its enforcement of TRID standards. So, is that the case? Will the CFPB intensely enforce the TRID rules, or are they going to be easy on mortgage organizations as they adjust.

This is certainly a difficult question, and my colleague Alice Alvey responded with the perfect answer: it's better to be safe than sorry. Rather than worrying about how much you can still get away with, the best thing to do is to simply be ready. It's possible that the CFPB won't enforce the TRID rules so intensely beginning right now. But it really isn't worth the risk. The best way to be lucky is to be ready.

The only time that we should rely on the possible of a grace period is when we're actually given a grace period. I know that many of us in the industry are lobbying for more time and lenience, but we shouldn't assume those luxuries until we actually get them. Perhaps as the year draws to a close, we'll get an official ruling on a grace period. But until that happens, we've got to do everything we can to get prepared as quickly as we can – because it's October, and time is up.


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