TRID Rules Implementation Date Finalized

What the delayed implementation means for you.

Dear Member,

You may have mixed feelings about this but the new implementation date of October 3, 2015 for the TRID Rules has been finalized. I suspect that those of you who have been focused on being ready for the new rules are relieved and are hopeful that there is not another delay - let's finally get on with it! I, for one, am squarely in that camp.

In addition to the new implementation date, there were two changes of a technical nature adopted that caused the closing software companies to have to make last minute adjustments - and this certainly included our DoubleTime team. These changes are "behind the scenes" changes and I mention them only to let you know that this situation is constantly changing and The Fund is on it!

So what does this delayed implementation mean to you? It gives you time to refine and improve your plan to be ready to fully engage in these changes. It gives you time to communicate with your staff and all of your business partners about how ready you are for the new rules. You have more opportunity to engage with lenders and real estate agents about how these changes will be implemented and work closely with them to ensure that their closings are successful.

We have developed another tool for you to get ready for TRID. We have begun a chart that easily references what the larger lenders are doing in several important categories: preparation of the Closing Disclosure, communication method between lender and closing agent, Best Practices, etc. This chart will be updated as we get new information and is posted on the new Information Center site. You can also view the new chart immediately here. Let us know if this is helpful!

DoubleTime 7.0 is here! This is the week that upgrades will be offered to our Members. We are staggering the times for you to upgrade so that our system is not overloaded with all of you trying to upgrade simultaneously. I am confident you will find this new version of DoubleTime to be amazing!

As always, thank you for your support of The Fund!

Best Regards,

Melissa Jay Murphy
Senior Vice President and
General Counsel