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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."