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Home » GSEs Won't Punish for TRID Non-Compliance...Just Yet
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GSEs Won't Punish for TRID Non-Compliance...Just Yet

October 9, 2015
Sellers/servicers of Fannie Mae and Freddie Mac will get a reprieve from immediately meeting the technical requirements associated with the Truth in Lending Act Real Estate Settlement Procedures Act Integrated Mortgage Disclosure Rule that took effect Oct. 3. Just a few days after the rule went into effect both GSEs issued guidance intended to reach anyone concerned about quality- control reviews while lenders absorb TRID into their business routines, said Brad German, spokesman for Freddie. The letter noted that in recognition of some seller/ servicers continuing to work toward implementing technical requirements of the rule, the GSEs won’t conduct routine post-purchase loan file reviews for technical compliance. After a transitional period, however, they will consider whether to begin such reviews for technical compliance.
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