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Stevens’ Statement on TRID Implementation Delay

WASHINGTON, D.C. – June 18, 2015 – (RealEstateRama) — Statement from MBA President & CEO David H. Stevens on news that the Consumer Protection Financial Bureau (CFPB) will propose an amendment to delay implementation of the new TILA-RESPA Integrated Disclosure (TRID) regulation until October 1st:

“MBA welcomes the decision by the CFPB to issue a proposed amendment to delay the implementation of TRID until October 1st. The complexity of this rule, which impacts not just mortgage disclosures but also the business processes behind the entire real estate transaction, warrants the additional time to get it right and ensure that consumers are not adversely effected by the transition.

“MBA will be providing comments on this proposal to recommend the best way to implement the delay in a manner that protects consumers and mitigates disruptions for lenders in the middle of this complex conversion.

“CFPB continues to prove itself capable of working in a transparent, constructive manner throughout this process, as was evident recently when they announced their intent to delay enforcement of lenders once the rules were to go into effect.

“MBA looks forward to continuing to work with the CFPB over the next several months as the agency works to fine-tune its approach towards implementing this complex rule.”

Rob Van Raaphorst

(202) 557- 2799