Posted by: RAPV | June 4, 2015


We are happy to report that the Director of the Consumer Financial Protection Bureau (CFPB) announced the Bureau will be implementing a good-faith enforcement grace period when the new Truth in Lending Act and Real Estate Settlement Procedures Act (TRID) regulation goes into effect on August 1.  This does not delay implementation.  A good-faith ‘open-ended’ grace period does delay enforcement.

The CFPB announced that it would be “sensitive” to companies that make a good-faith effort to comply with the new TRID regulation.  This is a welcome development.

The announcement by CFPB is a net win but less than what some Members of Congress requested, which was a hard deadline five-month testing or “grace” period.  NAR has been leading the effort to ensure an effective implementation of the TRID regulation.  They will continue to have a dialog with Congress and the CFPB as we move toward August 1.  It was through RAPV members efforts, and those of thousands of Realtors® from across the country during the Realtor® Legislative Mtgs & Trade Expo a few weeks ago in D.C. that more than 275 U.S. Senators and Representatives signed onto a letter to CFPB Director Richard Cordray to ask for the clarification that was issued yesterday..

Read this helpful article.

For more information on this topic visit NAR’s RESPA page.


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