Stevens' Statement on CFPB Delaying Enforcement of TRID
|Rob Van Raaphorst|
WASHINGTON, D.C. (June 3, 2015) - Statement from MBA President & CEO David H. Stevens on news that the Consumer Protection Financial Bureau (CFPB) will delay enforcement of the new TILA-RESPA Integrated Disclosure (TRID) regulation:
"MBA welcomes the news that the CFPB will recognize the good faith efforts of lenders to comply with TRID by delaying enforcement for a period after the new rules go into effect on August 1st. After speaking with Director Cordray, I believe the Bureau has listened to the input of MBA as well as other stakeholders about how best to enforce TRID. With so many difficulties around integrating systems, the industry needs flexibility to ensure consumers do not incur costs or lose home sales due to unforeseen problems. This enforcement grace period is a win/win for the industry and consumers alike.
"MBA looks forward to working with all regulators and other engaged stakeholders to continue to help lenders and consumers involved in the mortgage process."