Following a request by NAMB, The Association of Mortgage Professionals, to the Consumer Financial Protection Bureau to implement a “hold harmless” period on TRID enforcement on August 1, housing industry groups are now backing legislation that would mandate such a period.
Supported by NAMB and numerous other housing industry leaders, H.R. 2213, sponsored by Congressman Stevan Pearce (R-NM), will provide a reasonable hold-harmless period for enforcement of the of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures (TRID) regulation for those that make good-faith efforts to comply. A hold-harmless period helps ensure consumers’ real estate closings will not be disrupted after the complicated regulation’s August 1 effective date.
“NAMB has repeatedly warned the policy makers in Washington, D.C. that, while everyone involved is doing their very best to be ready, there is just too much uncertainty surrounding the August 1 TRID deadline,” said John Councilman, NAMB President.
“Today we’re urging Congress and the President to make this clear for the CFPB,” added Councilman. “Pass and sign H.R. 2213 into law right away and remove the uncertainty in the mortgage market as we head into summer.”
However, regardless of any delays in enforcement, this change is coming and cannot be stopped. So those celebrating a grace period should stop rejoicing and start preparing.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.