By Rachel Williams
On Wednesday the Consumer Financial Protection Bureau (CFPB) proposed an amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015, from the original date of August 1, 2015. The Know Before You Owe rule is also known as the TILA-RESPA Integrated Disclosure (TRID) rule. Since this is only a proposed delay, it is still important for companies to become TRID compliant as quickly as possible.
In line with this, Torrance-California based DocMagic, Inc., has announced that the company will be fully TRID complaint by August 1, regardless of when the new rule actually takes effect. DocMagic is a provider of fully compliant loan document preparation, compliance, and eSign and eDelivery solutions.
“The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to October 1, which means it could possibly finalize a shorter time period,” commented Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Horn led the 1,888 page final TRID rule and the design and consumer testing of the new mortgage disclosures. “Lenders would be wise to keep their foot on the gas and proceed with their TRID implementation work, and DocMagic gets that,” said Horn.
“DocMagic has been working very closely with our clients, LOS partners, industry experts, and other mortgage entities to be absolutely 100 percent certain that we are TRID compliant by the original August 1 date,” said Dominic Iannitti, president and CEO of DocMagic. “The CFPB’s announcement about the proposed delay will not change our momentum. All of our systems will be TRID-compliant come August 1 ranging from loan document production to LOS integrations to our new Collaborative Closing Portal, SmartCLOSE™.”
Click here to read CFPB Director Richard Cordray's official statement on the proposed delay.