Urges Congress and Obama Administration Make Certain Consumers Are Protected
WASHINGTON, D.C. – June 18, 2015 – (RealEstateRama) — NAMB, The Association of Mortgage Professionals, expressed relief that the August 1, 2015, TILA/RESPA effective date had been delayed by 60 days to address an “administrative error” and again called on for a “hold harmless” period to be in effect until the end of the year.
Citing the potential for harm to consumers, the mortgage industry, and the economy as a whole, NAMB is urging Congress and the Obama Administration to take the necessary time to make certain industry concerns about TRID are fully addressed.
“This delay in the implementation of the TILA/RESPA is the equivalent of dodging a bullet as far as consumers are concerned,” said John Councilman, President of NAMB.
“It has been clear to us and all of the other major mortgage and housing industry groups that there are major problems with implementing TRID at this point in time,” added Councilman.
“For example, we would urge CFPB to issue written guidance interpreting TRID in order to create a safe harbor for business operations,” said Councilman.
“This delay gives us all a chance to go back and address the underlying regulation, as well as the legislation it is derived from, and to make sure we get this right,” concluded Councilman.
NAMB and other housing industry groups have gone on record in written testimony before the U.S. House Committee on Financial Services and the U.S. Senate Banking Committee to address concerns with the TILA/RESPA process.
Additionally, NAMB and its allies have written to Congress in support of H.R. 2213 which would mandate a delay in TRID.
To read the statement from Director Richard Cordray announcing the Consumer Financial Protection Bureau’s delay, read HERE
NAMB’s written testimony on “TILA-RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate Settlement Process” Before the Committee on Financial Services Subcommittee on Housing and Finance can be found here:
“TILA-RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate Settlement Process”
About NAMB – The Association of Mortgage Professionals:
Since 1973, NAMB-The Association of Mortgage Professionals has been the voice of the mortgage broker and mortgage loan originator industry, representing the interests of mortgage professionals and homebuyers. Its mission is to promote the highest degree of professionalism and ethical standards for members through programs and services such as education, professional certification and government affairs representation. In addition, NAMB members subscribe to a specific code of ethics and best lending practices that foster integrity, professionalism and confidentiality when working with consumers. For more information, visit www.namb.org. Follow NAMB @NAMBpros
Name: John Councilman, CMC, CRMS
Name: John H. P. Hudson, CRMS
Title: Communications Chair