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NAMB—The Association of Mortgage Professionals has announced that a large group of housing and mortgage industry trade groups have come together in support of S. 1711, a bill that would provide for a temporary safe harbor, or hold-harmless period, from the enforcement of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act (RESPA) and Truth-in-Lending Act (TILA).
In a letter to the lead sponsors of the measure, industry groups joined NAMB in praising Sens. Tim Scott (R-SC) and Joe Donnelly (D-IN) for working to provide a hold-harmless period for consumers and others involved in real estate transactions after TRID goes into full effect.
"We salute the Senate sponsors of S. 1711, especially Sens. Tim Scott and Joe Donnelly, for taking the lead in providing for a reasonable amount of time for consumers, mortgage professionals, and other industry participants to test drive these new regulations," said John Councilman, president of NAMB. "It's pretty clear that these very complex set of rules will cause some amount of distress for homebuyers and, while industry participants have been working overtime to be in compliance, a period of time for trial and error seems only reasonable."
Joining NAMB in support of the measure are the American Bankers Association, American Escrow Association, American Land Title Association, Appraisal Institute, The Appraisal Firm Coalition, Collateral Risk Network, Community Home Lenders Association, Consumer Bankers Association, Consumer Mortgage Coalition Community, Mortgage Lenders of America, Credit Union National Association, Housing Policy Council of the Financial Services Roundtable, Independent Community Bankers of America, Mortgage Bankers Association, National Association of Federal Credit Unions, National Association of Home Builders, National Association of Realtors, Real Estate Services Providers Council, and the Real Estate Valuation Advocacy Association.
"Members of Congress and the U.S. Senate have taken the lead in providing for a hold-harmless period for TRID," said Councilman. "We encourage the CFPB to follow their lead without being forced to do so by the legislative process."
S. 1711 is identical to HR 2213 in the House, a bill which has already been widely supported by housing and mortgage industry groups.