Mortgage Professionals Encouraged by Cordray's Assurances on TRID – NMP Skip to main content

Mortgage Professionals Encouraged by Cordray's Assurances on TRID

National Mortgage Professional
Oct 01, 2015
Richard Cordray Pic

NAMB—The Association of Mortgage Professionals has renewed its call for passage of  HR 3192, legislation directing the Consumer Financial Protection Bureau (CFPB) to provide for a "hold harmless" period until the end of 2015 for companies that make a good-faith effort to comply with the TILA-RESPA Integrated Disclosures (TRID).

In response to questioning at a Sept. 29, 2015, Committee on Financial Services Hearing, CFPB Director Richard Cordray stated that any enforcement action on TRID would be diagnostic and not punitive during the first few months of implementation.

"While we're encouraged by assurances made by CFPB Director Cordray to the House Financial Services Committee that there won't be punitive actions taken against companies that make a good-faith effort to comply with TRID," said Rocke Andrews, president-elect of NAMB, "we are still hopeful that Congress will take action to protect consumers and reduce disruption of the real estate market."

HR 3192 is sponsored by Reps. French Hill (R-AR) and Brad Sherman (D-CA). Consideration of the measure may take place on the floor of the House of Representatives next week. 

"We take Director Cordray at his word that he is limited in his ability to interpret the original language in the TRID law," said Andrews. "That's why NAMB and the other key organizations within the mortgage, housing and real estate industries have been urging Congress to provide greater clarity for how the CFPB should proceed. We're working around the clock to get HR 3192 passed. In the meantime, we are very hopeful that Director Cordray will provide adequate guidance and assurance to homebuyers and mortgage professionals."

Published
Oct 01, 2015
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022
Expansion Of Community Reinvestment Act A Poor Fit For A Non-Problem

Equating non-bank mortgage companies to banks is misguided for several reasons.

Analysis and Data
Jul 20, 2022