Timing is everything.

Author:Hewitt, Janet Reilley
Position:FOCUS - Letter to the editor

Just as we were putting this issue to bed, word came down from on high that the Consumer Financial Protection Bureau (CFPB) was proposing to delay the effective date of the Integrated Disclosure rule until Oct. 1, 2015. Did we panic? Well, maybe a little bit. But we pulled ourselves together and proceeded to comb through the issue for references to the old effective date. (Forgive us in advance if some slipped through the cracks.)

We had built much of the July issue around the premise that the effective date of the new rule would be Aug. 1 (the initial effective date). As we wrote the news and edited the articles, the fact that we were just one month out from a rule that was going to shake up the industry dramatically gave the issue a lot of its punch. And now, it seems, the CFPB has gone and pulled the rug out from under us.

But then again, the central message learned from the articles in this issue is that the industry desperately needs more time to adapt to the Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule (TRID). So aside from a little journalistic inconvenience, this is actually good news.

Our opening article, titled "The TRID Challenge," showcases 10 experts talking about all the ways that TRID is more complex and challenging to implement than anything that's come before it. And we have to say, their words ring even truer now that we see that the CFPB has become convinced they are speaking the truth.

All the TRID angst will still be there facing the industry...

To continue reading