“Hold Harmless” Period Through End of 2015 Deemed Reasonable
Washington, D.C. – July 9, 2015 – (RealEstateRama) — NAMB – The Association of Mortgage Professionals, has wholeheartedly endorsed S. 1711, a bill sponsored by U.S. Senators Tim Scott (R-SC), Joe Donnelly (D-IN) and a bipartisan group of their colleagues. The newly introduced legislation would provide for a temporary safe harbor 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. The measure is identical to H.R. 2213 introduced in May by U.S. Representatives Stevan Pearce (R-NM) and Brad Sherman (D-CA).
“When the CFPB admitted that it had made a mistake while submitting its regulatory plan for TRID to the Congress, thereby necessitating a delay of two months in its enforcement plans, we saw that as a perfect opportunity for all involved to admit that mistakes will inevitably occur on such a complex issue,” said NAMB President John Councilman.
“Given this very public yet purely innocent mistake by the the CFPB, we are hopeful that the Administration will agree with nearly everyone who speaks on behalf of the mortgage and housing industries that a “hold harmless” period until the end of 2015 makes perfect sense and is only reasonable,” added Councilman.
“The legislation introduced by Senators Scott and Donnelly, as well as that already introduced by Congressmen Pearce and Sherman, is to be commended in that it shows clear Congressional leadership on this very important subject,” said John Councilman.
“We should not put consumers, the housing industry, and the economy as whole at risk without knowing exactly how TRID is actually going to work, or not work, out in the field,” concluded Councilman.
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, visitwww.namb.org. Follow NAMB @NAMBpros
Name: John Councilman, CMC, CRMS
Name: John H. P. Hudson, CRMS
Title: Communications Chair