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Preparations still underway: Things to consider as you prepare for TRID implementation
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Regulatory Updates
Wednesday, July 1, 2015
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On June 24, the Consumer Financial Protection Bureau (CFPB) proposed a two-month extension to the implementation of the TILA-RESPA Integrated Disclosure Rule (TRID). This is good news for those still working out kinks or waiting for software to arrive. However, industry members should still work to get ready for implementation, because Oct. 3 will be here soon.
During the National Settlement Services Summit (NS3), Gerardo Caceres, client delivery and regulatory strategy executive, RealEC Technologies, a division of Black Knight Financial Services; Scott Chandler, executive vice president, director of agency, Westcor Land Title Insurance Co.; Ken Markison, vice president and regulatory counsel, Mortgage Bankers Association; Brian Webster, originations program manager, CFPB; and Leslie Wyatt, director of industry relations, SoftPro walked attendees through the entire process and shared how the new rule will impact the process, as well as how to adapt to the changes.
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