- Business Rules
If an application is received prior to October 3, 2015 and a Good Faith Estimate was provided to a consumer should a HUD-1 Settlement Statement and Final TIL Disclosure Statement or a Closing Disclosure be provided to the consumer when the consummation date is on or after October 3, 2015?The new disclosures are effective for applications received on or after 10/3/15. If an application is received prior to this date the transaction would be covered by existing law, which requires the Good Faith Estimate, TIL Disclosure statement, and HUD-1 Settlement Statement. The provisions regarding the new Loan Estimate and Closing Disclosure are not applicable for an application received prior to this date, nor can they be used prior to 10/3/15.
Citation(s): Commentary ¶1(d)(5)-1
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here