ALTA Backs Bipartisan TRID Hold-harmless Bill – NMP Skip to main content

ALTA Backs Bipartisan TRID Hold-harmless Bill

National Mortgage Professional
Oct 06, 2015
Congress Pic

The American Land Title Association (ALTA) has led 29 other industry organizations in a letter urging the U.S. House of Representatives to pass HR 3192, the Homebuyers Assistance Act.

The bipartisan legislation, introduced by Reps. French Hill (R-AK) and Brad Sherman (D-CA) would provide an official hold-harmless period until Feb. 1, 2016, for those making a good-faith effort to comply with the Consumer Financial Protection Bureau’s (CFPB) new TILA-RESPA Integrated Disclosure (TRID) rule, which went into effect on Oct. 3. The bill also would provide relief from civil liability.

“We thank Reps. Hill and Sherman for their leadership in bringing this important bill to a House vote,” said Michelle Korsmo, ALTA’s chief executive officer. “There will be a learning curve as industry professionals adjust to the new requirements. Reps. Hill and Sherman understand the real-world implications and the efforts of those working to implement such a complex regulation, and their bill will make a big difference for consumers and ALTA members. A definitive hold-harmless period will give companies making good-faith efforts to comply the time needed to properly understand how this new regulation works in real-life transactions, while delivering the service and closing experience that homebuyers deserve. Without certainty, service providers are likely to close fewer transactions to ensure compliance with TRID, which will delay homeownership for consumers around the country."

Oct 06, 2015
CFPB Seeks Insight On Creating A Fairer Mortgage Market

The Consumer Financial Protection Bureau has been actively looking to create a fairer mortgage market, free of discriminatory engagements. To do so, it issued a Request for Information to seek input on rules implementing the Home Mortgage Disclosure Act.

Regulation and Compliance
Nov 17, 2021
Regulators Renew Effort to Protect Against Foreclosures

CFPB, The Fed, FDIC and other agencies will watch for compliance with COVID-19 protections

Regulation and Compliance
Nov 10, 2021
Fed To Begin Tapering Asset Purchases by 14.3% This Month

Also sets target range for the federal funds rate at 0 to 1/4%.

Regulation and Compliance
Nov 03, 2021
CFPB Cracks Down On Discriminatory Credit Reporting For Black And Hispanic Consumers

Consumers in majority Black and Hispanic neighborhoods are far more likely to have disputes appear on their credit reports. 

Regulation and Compliance
Nov 03, 2021
CFPB Names 2 New Assistant Directors

Former Obama Administration officials will lead Supervision Policy, Enforcement divisions.

Regulation and Compliance
Oct 29, 2021
FHFA Proposes Extra Disclosure Rules For Fannie, Freddie

The proposed rule for the Enterprise Regulatory Capital Framework seeks to put Enterprises on a "level playing field" with U.S. banking requirements.

Regulation and Compliance
Oct 28, 2021