Congress urges CFPB to delay enforcement of new TRID regulation
Earlier this month, Columbus REALTORS® met with Representatives Joyce Beatty, Steve Stivers and Pat Tiberi as well as Senators Sherrod Brown and Rob Portman requesting delayed enforcement of the TRID
(TILA-RESPA Integrated Disclosure).
Although we intend to comply with the rules which go into effect on Aug. 1, our concern is that the industry needs some time to work out the challenges to ensure a seamless transition to this updated closing process, as mandated under Dodd-Frank.
The National Association of REALTORS® was encouraging all its members to speak to their representatives regarding this issue.
This week, bipartisan letters
signed by more than 290 lawmakers from both the House and Senate were sent to the CFPB urging it to allow lenders until October 3 (updated as of June 24 from October 1) instead of the current Aug. 1 deadline before enforcing the new rule, so long as institutions make a "good faith effort" to start compliance.
NAR, as well as other trade groups have long been pushing for such an extension and CFPB officials have refused to grant one.
Many thanks to our friends in Congress for listening to our concerns!