ALTA Asks House Leadership to Include TRID Enforcement Relief in Year-end Spending Bill

December 3, 2015

ALTA joined 20 other trade associations in a letter urging leaders of the U.S. House of Representatives to include the Homebuyers Assistance Act (H.R. 3192) in the year-end spending bill.

The Homebuyers Assistance Act would provide limited liability for those who in good faith attempt to comply with the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule through until Feb. 1, 2016.

H.R. 3192, which was introduced by Reps. French Hill (R-Ark.) and Brad Sherman (D-Calif.), was passed by the House of Representatives on Oct. 7 by an overwhelming bipartisan vote of 303-121. A similar bill (S. 1711) was introduced in the Senate by Sens. Tim Scott (R-SC) and Joe Donnelly (D-IN). S. 1711 would direct the CFPB to observe a temporary safe harbor for companies working in good faith to comply with TRID until Jan. 1, 2016.

In the letter, ALTA said businesses and financial institutions have experienced challenges due to the extraordinary process change the regulation brought to the mortgage transaction.

“Although the rule came into effect six weeks ago, numerous significant questions remain causing considerable inconsistency in the rule's application by lenders, investors, vendors and due diligence companies that review loans for compliance,” the letter said. “These problems can be resolved but additional time and guidance from the CFPB, as well as protection from private litigation, are essential to avoid unnecessary costs and other harm to consumers.”


Contact ALTA at 202-296-3671 or communications@alta.org.

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