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CFPB Has Only Proposed Delaying TRID

Sun, 05/31/2015

DocMagic Inc., a provider of loan document preparation, compliance, e-sign and e-delivery solutions to the mortgage industry, says its software will be fully compliant with the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosures (TRID) rules by the original deadline date of Aug. 1.

In a release, DocMagic officials point out that the CFPB has thus far only proposed moving the deadline date to Oct. 1 - and that the date change is not official as of yet.

"The CFPB only stated that they will be issuing a 'proposed amendment' to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period," says Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB.

Horn helped draft the 1,888-page final TRID rule and the design and consumer testing of the new mortgage disclosures, DocMagic says in its release.

"Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that," says Horn.

Dominic Iannitti, president and CEO of DocMagic, says the firm has been working closely with its clients, loan origination system partners, industry experts and other mortgage entities "to be absolutely 100% certain that we are TRID-compliant by the original Aug. 1 date."

"The CFPB's announcement about the proposed delay will not change our momentum," Iannitti says. "All of our systems will be TRID-compliant come Aug. 1."

As featured by MortgageOrb, June 2015