Urge Congress to Act to Ensure Consumer Protections
Washington, D.C. – October 2, 2015 – (RealEstateRama) — NAMB – The Association of Mortgage Professionals, today renewed its call for passage of H.R. 3192 legislation directing the Consumer Financial Protection Bureau to provide for a “hold harmless” period until the end of 2015 for companies that make a good-faith effort to comply with the TILA-RESPA Integrated Disclosures (TRID).
In response to questioning at a September 29, 2015, Committee on Financial Services Hearing, Director Richard Cordray stated that any enforcement action on TRID would be diagnostic and not punitive during the first few months of implementation.
“While we’re encouraged by assurances made by CFPB Director Cordray to the House Financial Services Committee that there won’t be punitive actions taken against companies that make a good-faith effort to comply with TRID,” said Rocke Andrews, President-Elect of NAMB, “we are still hopeful that Congress will take action to protect consumers and reduce disruption of the real estate market.”
“We take Director Cordray at his word that he is limited in his ability to interpret the original language in the TRID law,” added Andrews. “That’s why NAMB and the other key organizations within the mortgage, housing and real estate industries have been urging Congress to provide greater clarity for how the CFPB should proceed.”
“We’re working around the clock to get H.R. 3192 passed,” said Andrews. “In the meantime, we are very hopeful that Director Cordray will provide adequate guidance and assurance to homebuyers and mortgage professionals.”
H.R. 3192 is sponsored by Reps. French Hill (R-AR) and Brad Sherman (D-CA). Consideration of the measure may take place on the floor of the House of Representatives next week.
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: Rocke Andrews, CRMS, CMC
Name: John H. P. Hudson, CRMS
Title: Communications Chair