Skip to main content

NAMB Applauds CFPB Announcement on TRID Enforcement

Jun 03, 2015

NAMB—The Association of Mortgage Professionals, has tirelessly advocated for a delay in the Aug. 1, TRID enforcement deadlines. A disruption of the homebuying process during one of the busiest times of the home purchasing cycle would hurt consumers, mortgage professionals, and the U.S. economy. NAMB has learned that requests by fellow housing industry leaders have been heard and the CFPB is now willing to be sensitive to industry concerns. 

"We very much appreciate the acknowledgement by Director Cordray that the Aug. 1 deadline is problematic and encourage him to take the definitive step of granting a "bright line, hold harmless period" for the mortgage industry while his agency determines whether their regulatory scheme is, in fact, workable," said John Councilman, president of NAMB.  

On June 3, 2015, Director Cordray sent a letter to Congress explaining that the CFPB and other regulators "will be sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the rule in time".

NAMB's written testimony on "TILA-RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate Settlement Process" Before the Committee on Financial Services Subcommittee on Housing and Finance can be found here.

About the author
Published
Jun 03, 2015
Rescue Your Clients From High TI Costs

Borrowers underwater with taxes and insurance can be a default risk. Helping them is critical.

CSBS Urges MLOs To Update License Registrations

NMLS updates that have taken effect prior to the Nov. 1 opening of the annual license renewal period include new a login process requiring users to update their username and password and establish account recovery details.

CFPB Finalizes New Rule Expanding Consumer Financial Data Privacy Rights

Financial institutions must deliver a consumer's financial data to another provider for free, upon the consumer's request

TD Bank Pleads Guilty To Enabling Money Laundering For Criminal Organizations

'TD Bank chose profits over compliance in order to keep its costs down,' said U.S. Attorney General Merrick Garland.

LoanSnap Officially Loses Connecticut License

The AI mortgage startup formerly faced a cease and desist and a consent order from the State of Connecticut.

Oct 09, 2024
Wishing Regulations Away

What mortgage leaders want to see revised in the wake of Supreme Court undoing of government favoritism