On the heels of the TRID extension from August to October, many trade groups are still not satisfied. For example, NAMB – The Association of Mortgage Professionals, has wholeheartedly endorsed S. 1711, a bill sponsored by U.S. Senators Tim Scott (R-SC), Joe Donnelly (D-IN) and a bipartisan group of their colleagues. The newly introduced legislation would provide for a temporary safe harbor from the enforcement of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974 and the Truth In Lending Act. The measure is identical to H.R. 2213 introduced in May by U.S. Representatives Stevan Pearce (R-NM) and Brad Sherman (D-CA).
“When the CFPB admitted that it had made a mistake while submitting its regulatory plan for TRID to the Congress, thereby necessitating a delay of two months in its enforcement plans, we saw that as a perfect opportunity for all involved to admit that mistakes will inevitably occur on such a complex issue,” said NAMB President John Councilman.
“Given this very public yet purely innocent mistake by the the CFPB, we are hopeful that the Administration will agree with nearly everyone who speaks on behalf of the mortgage and housing industries that a “hold harmless” period until the end of 2015 makes perfect sense and is only reasonable,” added Councilman.
“The legislation introduced by Senators Scott and Donnelly, as well as that already introduced by Congressmen Pearce and Sherman, is to be commended in that it shows clear Congressional leadership on this very important subject,” said John Councilman.
“We should not put consumers, the housing industry, and the economy as whole at risk without knowing exactly how TRID is actually going to work, or not work, out in the field,” concluded Councilman.
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.