CFPB Takes First Steps Toward Greater Clarity on RESPA-TILA Integrated Disclosure Enforcement
WASHINGTON (June 3, 2015) – The following is a statement from National Association of REALTORS® President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., in response to the Consumer Financial Protection Bureau’s announcement of “sensitivity” to companies making a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure regulation.
“The action announced today by the CFPB is a welcome first step toward clarifying the changes coming to real estate closings August 1. NAR appreciates the “sensitivity” offered by the CFPB to companies making a good-faith effort to comply with the new TILA-RESPA Integrated Disclosure regulation.
“NAR will continue to work with the CFPB to minimize any possible market disruptions or uncertainty when the rule takes effect August 1, during the busiest transaction season for real estate.
“Almost 300 U.S. Senators and Representatives asked the CFPB to further develop market certainty through a clarification of the TRID regulation. NAR has long advocated a period of restrained enforcement and liability for the TILA-RESPA Integrated Disclosure rule.
“While NAR appreciates the CFPB’s understanding of the difficulties involved in making a change of this magnitude, we hope that continued dialog with U.S. Senate and House leaders will result in a solution that allows the lending industry and CFPB to address any implementation issues and minimize costly closing delays for home buyers and sellers.
“NAR extends its gratitude to U.S. Reps. Blaine Luetkemeyer, R-Mo.; Andy Barr, R-Ky.; Carolyn Maloney, D-N.Y.; Steven Pearce, R-N.M.; Brad Sherman, D-Calif.; and U.S. Sens. Tim Scott, R-S.C.; and Joe Donnelly, D-Ind., who came together, at our request, to bring this issue to the attention of the CFPB.”
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