A few weeks ago, the CFPB announced somewhat of an extension on the deadline for TRID. The hard deadline, it appears, has been moved from August 1st to October 1st of this year. Many in the industry are seeing this as a small victory, given the enormous amount of pressure the industry has placed on the CFPB for more time. Still, though, many are saying that two months just isn't going to be enough time.
Personally, it doesn't seem to me that the extra two months is going to provide too much benefit. Those who will have been ready by October 1st would have probably also been ready by August 1st. And those who wouldn't have been ready by August probably still won't be ready by October 1st. It's possible that the short grace period is only going to serve as an incentive for those who have fallen behind to place even less emphasis on getting prepared.
In the June 15th episode of the Lykken on Lending podcast I host, my colleague Alice Alvey brought up an interesting point. Even though the CFPB is offering some lenience to those who have made a good faith effort to prepare for TRID, that isn't going to stop the lawyers from filing suits. Lenience isn't law. And, until there is a change in law, the urgency for preparation is just as pressing now as it has been over the past year. My suggestion is to not use the CFPB's promise of lenience as a license for growing lax in preparation. It's always better to be safe than sorry.
MBN
About Me
- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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