New Mortgage Disclosures Possibly Delayed

speedbumpThe CFPB is requesting that the deadline for the new “good faith estimate” disclosures (aka “TRID”) be delayed for two months to allow lenders more time to transition into the the new forms…and because the CFPB made an “administrative error” that would have caused a delay with enforcing the rule. From the CFPB’s website:

The Bureau is issuing the proposal to correct an administrative error that would have delayed the effective date of the rule by at least two weeks, until August 15 at the earliest.

It appears this administrative error will give us two more months until we need to switch to the new disclosure forms…which, in my opinion, seems improved over the 2010 Good Faith Estimate (what isn’t?).  During this busy of a market, this is good news for all those who are trying to quickly close purchase transactions as, regardless of how wonderful the new disclosures are, it will take time to adjust.

Stay tuned.

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