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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Miami Rescue Mission obtained $22 million for its Wynwood property

The Miami Rescue Mission collected $22 million from the sale of most of its property in Miami’s hot Wynwood neighborhood.

The nonprofit announced in April 2015 that it hired FIP Realty Services to list the majority of its land in Wynwood for sale. Since then, the city approved a neighborhood rezoning that allows up to 150 units per acre of residential buildings of up to 12 stories. It’s already become a hot spot for art, restaurants and retail.

The Miami Rescue Mission sold 1.8 acres with 31,630 square feet of buildings in two deeds to RS JZ NW1 2200 LLC, an affiliate of Brooklyn-based RedSky Capital and London-based JZ Capital. AB Commercial Real Estate Debt provided a $12.6 million loan for the deal.

The price equates to $282 square feet of land.

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