If you are not familiar with the new closing documents, named TILA RESPA Integrated Documentation (TRID), that were supposed to come on August 1st, check out my blog that describes them and the delays that were expected.
Just as in Mathematics, do two negatives (delays) make a positive? That is just what the Consumer Financial Protection Bureau is hoping by delaying TRID to October 1st. As you can see in my previous blog entry listed above, a lot of mortgage institutions were expecting delays in closings and were even apprehensive that some transactions would not close at all. As the deadline approached, the National Association of Realtors and the lending institutions grew increasingly concerned as their software was not on track for a timely integration in preparation for the change.
So, if you were planning to close in August, you can be assured that your closing will not be affected by the new closing forms. The question stands: Will there be enough time to make a smooth transition in October? Will there still be delays in closings?
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