It’s the day before ‘the day the world changed’ -- are you ready for TRID?

  • The Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure rule formally takes effect on Saturday, Oct. 3.
  • Any loan applications taken Oct. 3 and beyond must follow the 1,800 pages of regulations that the CFPB issued in November 2013.
  • Lenders must monitor all parties to the transaction to verify that everyone is compliant, and if they’re not, the lender is on the hook to the bureau.

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A day nearly two years in the making is finally here: The Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure rule — which has come to be known as “TRID,” but the bureau prefers that people begin to think of it as the “Know Before You Owe” rule — formally takes effect on Saturday, Oct. 3.