Housing Groups and NAMB Mortgage Pros Join in Support of Clarity on New Regs
Washington, D.C. – July 14, 2015 – (RealEstateRama) — The Association of Mortgage Professionals, today announced that a large group of housing and mortgage industry trade groups had come together in support of S. 1711. The bill would provide for a temporary safe harbor, or hold-harmless period, from the enforcement of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974 and the Truth In Lending Act.
In a letter to the lead sponsors of the measure, industry groups joined NAMB in praising Senators Tim Scott (R-SC) and Joe Donnelly (D-IN) for working to provide a hold-harmless period for consumers and others involved in real estate transactions after TRID goes into full effect. The Consumer Financial Protection Bureau is asking for an extension of the new requirements from August 1, 2015, until October 3, 2015, after failing to comply with Congressional requirements for filing the new regulations.
“We salute the Senate sponsors of S. 1711, especially Senators Tim Scott and Joe Donnelly, for taking the lead in providing for a reasonable amount of time for consumers, mortgage professionals, and other industry participants to test drive these new regulations,” said John Councilman, President of NAMB.
“It’s pretty clear that these very complex set of rules will cause some amount of distress for homebuyers and, while industry participants have been working overtime to be in compliance, a period of time for trial and error seems only reasonable,” continued Councilman.
“Members of Congress and the U.S. Senate have taken the lead in providing for a hold-harmless period for TRID,” said Councilman. “We encourage the CFPB to follow their lead without being forced to do so by the legislative process.”
S. 1711 is identical to H.R. 2213 in the House, a bill which has already been widely supported by housing and mortgage industry groups.
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