CFPB sets record straight about TRID extension

by MPA26 Mar 2015
The mortgage industry was up in arms Wednesday afternoon after news began to spread from a speech that Steven Antonakes, deputy director of the Consumer Financial Protection Bureau (CFPB), gave, which insinuated the agency could delay the Integrated Disclosure deadline.

Antonakes made the suggestion during remarks at an industry conference in Orlando.

“To the extent there is new information or we’re hearing directly from vendors that folks aren’t going to be ready … we should continue to talk about that,” he said. “I can’t promise you (a postponement), but to the extent we well have a better understanding of the concerns, that is something we will consider.”

However, those rumors of a possible extension have been dispelled. Shortly after the news hit, CFPB spokesperson Samuel Gilford said the agency currently has no plans to delay the deadline on the new forms: 

"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 August 1. The Deputy Director was pointing out that the bureau is open to considering new information from stakeholders, not to delaying the deadline."

The new mortgage disclosure rule integrates previously separate required disclosures. Though the rule is meant to simplify the mortgage process, some industry leaders worry that some new requirements could delay closings, potentially costing home buyers extra money. The new rule is currently set to take effect in August.



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