Stevens’ Statement on TRID Implementation Delay

Stevens’ Statement on TRID Implementation Delay

WASHINGTON, D.C. – June 18, 2015 – (RealEstateRama) — Statement from MBA President & CEO David H. Stevens on news that the Consumer Protection Financial Bureau (CFPB) will propose an amendment to delay implementation of the new TILA-RESPA Integrated Disclosure (TRID) regulation until October 1st:

“MBA welcomes the decision by the CFPB to issue a proposed amendment to delay the implementation of TRID until October 1st. The complexity of this rule, which impacts not just mortgage disclosures but also the business processes behind the entire real estate transaction, warrants the additional time to get it right and ensure that consumers are not adversely effected by the transition.

“MBA will be providing comments on this proposal to recommend the best way to implement the delay in a manner that protects consumers and mitigates disruptions for lenders in the middle of this complex conversion.

“CFPB continues to prove itself capable of working in a transparent, constructive manner throughout this process, as was evident recently when they announced their intent to delay enforcement of lenders once the rules were to go into effect.

“MBA looks forward to continuing to work with the CFPB over the next several months as the agency works to fine-tune its approach towards implementing this complex rule.”

CONTACT
Rob Van Raaphorst

(202) 557- 2799

SHARE
MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

Previous articleMortgage Applications Decrease in Latest MBA Weekly Survey
Next articleSick and Tired, Allies Stand Together for Paid Sick Legislation