WASHINGTON, D.C. – July 6, 2015 – (RealEstateRama) — The Consumer Financial Protection Bureau announced that it would show “sensitivity” to companies demonstrating a good-faith effort to comply with the new TILA-RESPA Integrated Disclosure rule.
Next Steps: A public comment period on the proposal runs through July 7. NAR plans to submit comments.
National Association of REALTORS® President Chris Polychron described the development as “a welcome first step toward clarifying the changes coming to real estate closings October. 3.”
“NAR will continue to work with the CFPB to minimize any possible market disruptions or uncertainty when the rule takes effect,” he added.
Nearly 300 U.S. Senators and Representatives asked the CFPB to further develop market certainty through a clarification of the TILA-RESPA Integrated Disclosure rule. NAR has long advocated a period of restrained enforcement and liability for the new regulation.
“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,” Polychron said.
—REALTOR® Magazine Online
Any agents who want to learn about the upcoming changes and the effects on their practice should register to take the CFPB & VREB Regulation Courses.
The dates are listed below.
July 20– Register Here