Following a request by NAMB—The Association of Mortgage Professionals to the Consumer Financial Protection Bureau (CFPB) to implement a "hold harmless" period on TRID enforcement on Aug. 1, housing industry groups are now backing legislation that would mandate such a period. Supported by NAMB and numerous other housing industry leaders, HR 2213, sponsored by Rep. Stevan Pearce (R-NM), will provide a reasonable hold-harmless period for enforcement of the of the CFPB'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 Aug. 1 effective date.
"NAMB has repeatedly warned the policymakers 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. Pass and and sign HR 2213 into law right away and remove the uncertainty in the mortgage market as we head into summer."
NAMB has consistently called on Congress to correct a number of flawed aspects of the Dodd-Frank Act and other flawed federal laws that are slowing the economic recovery and harming consumers, small businesses and the housing sector.
To read the full letter to House Financial Services Committee Chairman Jeb Hensarling and Ranking Democrat Maxine Waters, click here.
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.