With the August 1st implementation date for the TILA-RESPA Integrated Disclosures (TRID) getting closer every day, heavy hitters in the real estate industry are doing everything they can to convince Congress to delay enforcement of the new rules.
At a House Financial Services Committee hearing last week, representatives of the National Association of Realtors (NAR), the American Land Title Association (ALTA), and the American Bankers Association (ABA) all begged Congress for a hold-harmless period until January 1st, 2016. Under a hold-harmless period, the rules would still be implemented as of August 1st, but companies would not be liable for violations as long as they at least tried in good faith to adhere to them.
Will the CFPB or Congress grant this last minute reprieve? For now no one knows. For its part, the CFPB has stated many times that there will be no delays. But with the industry bringing out the big dogs, I wouldn’t be surprised if Congress steps in and takes action. Stay tuned…
You can find a great article on the recent hearing on ALTA’s website at http://www.alta.org/advocacy/news.cfm?newsID=28010. For more information on TRID, give us a call at 301-694-7235 or email us at info@fredericktitle.com and one of our attorneys will get back to you right away!