Posted on October 13, 2015 - 01:44 PM
by Mary Ann Bowden
The Consumer Financial Protection Bureau (CFPB) has established, October 3, 2015, as the new effective date for the implementation of the TILA-RESPA Integrated Disclosure Rule. It is known as the TRID rule. TILA-RESPA will make it so lenders are required to hand over closing disclosures to the borrower no later than 3 days before closing. This may cause a longer process for escrows to close.