House Committee Passes
TRID Grace Period
Pressure from housing and mortgage groups paid off on Capitol Hill as a House panel agreed to grant lenders temporary reprieve from enforcement of new disclosure rules taking effect this fall. Lenders are supposed to start using the new TILA-RESPA Integrated Disclosure forms on Oct. 3, but the Homebuyers Assistance Act would protect them from enforcement actions through Feb. 1. A similar proposal in the Senate would extend the safe harbor through Dec. 31. However, some Democrats and consumer advocates have challenged the measure. U.S. Rep. Maxine Waters (D-Calif.), ranking member on the House Financial Services Committee, said the grace period is not warranted since the Consumer Financial Protection Bureau has already vowed to take lenders' good-faith efforts to comply with the new rules into consideration if the issue of enforcement arises.
From "House Committee Passes TRID Grace Period"
Scotsman Guide (07/29/2015) Whitman, Victor
Pressure from housing and mortgage groups paid off on Capitol Hill as a House panel agreed to grant lenders temporary reprieve from enforcement of new disclosure rules taking effect this fall. Lenders are supposed to start using the new TILA-RESPA Integrated Disclosure forms on Oct. 3, but the Homebuyers Assistance Act would protect them from enforcement actions through Feb. 1. A similar proposal in the Senate would extend the safe harbor through Dec. 31. However, some Democrats and consumer advocates have challenged the measure. U.S. Rep. Maxine Waters (D-Calif.), ranking member on the House Financial Services Committee, said the grace period is not warranted since the Consumer Financial Protection Bureau has already vowed to take lenders' good-faith efforts to comply with the new rules into consideration if the issue of enforcement arises.
From "House Committee Passes TRID Grace Period"
Scotsman Guide (07/29/2015) Whitman, Victor
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