CFPB Responds to Congressional Concerns Over Closing Doc Requirements
Article by Daily Real Estate News | June 04, 2015
The Consumer Financial Protection Bureau announced this week that it would show “sensitivity” to companies demonstrating a good-faith effort to comply with the new TILA-RESPA Integrated Disclosure rule.
National Association of REALTORS® President Chris Polychron described the development as “a welcome first step toward clarifying the changes coming to real estate closings Aug. 1.”
“NAR will continue to work with the CFPB to minimize any possible market disruptions or uncertainty when the rule takes effect,” he added.
Nearly 300 U.S. Senators and Representatives asked the CFPB to further develop market certainty through a clarification of the TILA-RESPA Integrated Disclosure rule. NAR has long advocated a period of restrained enforcement and liability for the new regulation.
“While NAR appreciates the CFPB’s understanding of the difficulties involved in making a change of this magnitude, we hope that continued dialog with U.S. Senate and House leaders will result in a solution that allows the lending industry and CFPB to address any implementation issues and minimize costly closing delays for home buyers and sellers,” Polychron said.
Source: REALTOR® Magazine Online; Daily Real Estate News 060415