Industry Scrambled Up to Last Minute to Get Ready for TRID; Real Market Impact Expected in Weeks Ahead
Some mortgage lenders and their vendor partners scrambled until late in the night this past Friday to get all their ducks in a row for the Saturday effective date of the Consumer Financial Protection Bureau’s integrated disclosure rule. Many in the industry were relieved when the CFPB and other federal regulators issued last-minute guidance affirming that they will recognize the good-faith efforts of the mortgage industry to comply with the new rule. “During initial examinations for compliance with the rule, the agencies’ examiners will evaluate...