By: DS News
“The effective date delay allows industry to obtain additional guidance form the CFPB. Many questions remain about the application of the TRID rule to the infinitely variable sets of facts that come up in individual real estate and credit transactions. Also, important questions about how the TRID rule affects the mortgage servicing industry have yet to be asked or answered.”
Many in the industry are using the delay in TRID implementation to have their compliance questions answered. Others are using the extra time to have their software solutions implemented and tested. Whatever tasks are being done to prepare for the implementation date, no one truly knows the ultimate impact these rule changes will have on the market.
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