Steven Antonakes, a CFPB enforcement associate director spoke on Wednesday and caused more confusion, rumors and possibly inaccurate media reports about delaying the new rule. He said “To the extent there is new information or we’re hearing directly from vendors that folks aren’t going to be ready, we should continue to talk about that. I can’t promise you, but to the extent we will have a better understanding of the concerns, that is something we will consider.” People tweeted, Wait What?, you might delay it…
Encompass is said to run 80% of the small to midsized lenders. Ellie Mae has said they will finalize the Release Notes in early April, with production code available on June 18th. I would be seriously concerned if SoftPro had that schedule. If that product isn’t rock solid, odds are delays are in our future. Inman reported a compliance expert who is privy to conversations between the bureau and the industry said “They are saying publicly the rule is going forward, but they will announce a delay right after June 18”
As expected the language the CFPB uses is still on target for the current deadline, which is part of the confusion. The three day rule on the front end among a few other things has caused ongoing controversy, now large software vendors don’t seem to have a calendar that will work to provide software that will run the show. SoftPro doesn’t seem to have any problems with this, already releasing Select with Classic coming out in days. I’m sure they don’t want to but they will have plenty of time to produce a patch if one were necessary. Ellie Mae has a real tight schedule. I wonder what the calendar is for other vendors in the industry.
In my humble opinion, at this point a delay would cost money, more training, more classes, more mud in the water. We will continue reaching toward the August 1st deadline. But what are you going to do if 50% of the smaller lenders can’t toe the line. Why you move the line.
Read a real news story on this topic at http://www.inman.com/2015/03/26/whats-fact-and-whats-fiction-in-potential-trid-implementation-delay/
Be sure to read the SoftPro Currents article linked on the right side.http://softprocurrent.com/2015/03/27/no-plans-to-delay-august-1-2015-implementation-date/