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.    


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!



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.

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