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NAMB—The Association of Mortgage Professionals has announced its support of S 1711, a bill sponsored by U.S. Sens. 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 (TILA). The measure is identical to HR 2213 introduced in May by U.S. Reps. 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."
Councilman said, "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."