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Effective Date: 2017 TILA-RESPA Rule

Q: I heard that the CFPB issued the final 2017 TILA-RESPA Rule which clarified and amended certain mortgage disclosure provisions under TRID. What is the effective date of the amendments?

A: The 2017 TILA-RESPA Rule was effective on October 10, 2017; however compliance was not mandatory on the effective date. Compliance with the 2017 TILA-RESPA Rule is mandatory for transactions for which a creditor or mortgage broker receives an application on or after October 1, 2018. It should be noted though that requirements for some post-consummation disclosures (Partial Payment Disclosure and Escrow Closing Notice) apply starting October 1, 2018 without regard to the application date.

Notwithstanding the October 1, 2018 mandatory compliance date, the 2017 TILA-RESPA Rule allows for optional compliance any time after October 10, 2017. During the optional compliance period, the provisions of the 2017 TILA-RESPA Rule can be implemented all at once or phased in over time. Given that many aspects of the 2017 TILA-RESPA Rule are favorable to creditors and mortgage brokers, it may be beneficial to phase in some of the amendments into the lending process prior to others.

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