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CFPB Delays TRID Implementation Date to October 3, 2015 Giving
Lenders and Closing Agents More Time to Prepare for the New Real Estate Change Law
Delayed TRID Implementation CFPB has pushed back the TRID implementation
date from August 1, 2015 to October 3, 2015.
Lenders, settlement agents, and real estate attorneys now have more time to prepare for the changes and get systems in place to meet the new requirements.
Why Implementation Was Delayed CFPB administrative error was going to delay
implementation by two weeks anyway.
Pressure from the industry and Congress:
More time needed for industry providers to meet all of the new requirements.
Delayed implementation allows for a smoother transition, benefitting providers and consumers.
7 Questions to Help Determine Your TRID Readiness
1. What are the new forms?2. What makes the forms unique?3. What is the impact on real estate attorneys?4. Are software updates required?5. What is your software status?6. What kind of training systems do you have in place?7. Where can you find more training?
1. What Are the New Forms? Loan Estimate (LE) form replaces the Early TIL
Statement and Good Faith Estimate forms.
Closing Disclosure (CD) form replaces Final TIL Statement and HUD-1 Settlement Statement.
2. What Makes the Forms Unique?LE and CD combine and reduce four forms down to just two. This:
Eliminates duplicate data entry and data requirements.
Adds transparency to the process and reduces consumer confusion.
Speeds up closing transactions.
3. What is the Impact on Real Estate Attorneys?
New forms will be required on most real estate transactions.
New closing procedures must be followed including: Data sharing Timing requirements, and Electronic application and data submission
4. Will Software Updates Be Required? YES!
Current programs do not have the new forms which will be required to process real estate transactions once October 3, 2015 arrives.
Some systems do not have the sharing capabilities required by TRID.
5. What is Your Software Status? Talk to your current software provider to find out if
your software will be TRID compliant or not.
You may receive an update or you may need to replace your entire software solution with a new one.
Not all vendors are providing updates or upgrades.
Ask ahead of time so you can prepare for the change.
6. What Kind of Training Systems Do You Have in Place? Take time now to prep your staff.
Install new software.
Learn new systems.
Ensure everyone who handles real estate transactions is trained on TRID requirements AND your new software solution.
Inaccurate and incomplete forms can ruin a transaction.
7. Where Can You Find More Training? Talk to your software provider to learn more about
the specific system you have in place.
Visit the Consumer Finance Protection Bureau (CFPB) at www.consumerfinance.gov to learn more about TRID and compliance requirements for real estate closers.
Ensure Compliance with Easy Soft Easy Soft’s EasyCDF real estate closing software is
fully (TILA-RESPA) TRID compliant. Streamline the closing process. Improve productivity. Save time and money. Increase accuracy.
Ensure data accuracy with built-in safeguards.
Available in Cloud and Desktop versions.
Reserve EasyCDF Today Contact Easy Soft at 1-800-905-7638 or
Pre-order EasyCDF so you can practice using the software before October 3, 2015.
Rest easy knowing you are in full compliance on October 3, 2015.
