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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."