CFPB Announcement

Yesterday, the Consumer Financial Protection Bureau (CFPB) made an announcement...

Broker Alert

Washington REALTORS® Broker Alert
CFPB Makes Announcement
June 4, 2015


Yesterday, the Consumer Financial Protection Bureau (CFPB) made an announcement that it would be "sensitive" to companies that make good-faith effort to comply with the new TILA-RESPA Integrated Disclosure regulation that goes into effect on August 1, 2015.   This is a welcome development that can be compared to the effective CFPB implementation of the Qualified Mortgage (QM) regulation in 2014.  Washington REALTORS® has been covering NAR's efforts in ensuring an effective implementation of the TRID regulation.    

BROKER RESOURCES:

Register
FREE RESPA Webinar
In partnership with other state associations, Washington REALTORS is holding an informative, FREE webinar on July 9, 2015 from 10:00-11:30 AM PST to help our members be prepared for the upcoming changes, including:

- New Forms & Terms
- New Timing Requirements
- How to Implement Best Practices NOW!

Register



RESPA NAR Guide

NAR Resources
NAR has a host of resources to help keep you in the loop on the latest information available on this issue.
 
 
 

The Bottom Line

The announcement by CFPB is a net win but less than what some Members of Congress requested, which was a hard deadline five-month testing or "grace" period.  NAR has been leading the effort to ensure an effective implementation of the TRID regulation.  NAR will continue to have a dialog with Congress and the CFPB as we move toward August 1, 2015.  It was through our member efforts during the 2015 REALTOR® Legislative Meetings and Trade Expo that more than 275 U.S. Senators and Representatives signed onto a letter to CFPB Director Richard Cordray to ask for the clarification that was issued yesterday.   

 

Washington REALTORS® will continue to keep you posted on this issue.

You are not allowed to post comments.

Sponsors & Advertisers


Interact CE