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Thursday, June 11, 2015

ABIA Submits Letter to Congress Urging Passage of TRID Bill

Yesterday, ABIA and several other trade groups yesterday urged the House Financial Services Committee to advance H.R. 2213, a bipartisan bill that would establish a “hold harmless” period after the new TILA-RESPA integrated mortgage disclosures take effect on Aug. 1.

In its enforcement of TRID, the CFPB has said it will be “sensitive” to progress made by entities making good-faith efforts to comply, but the groups said that the “industry needs more certainty that their good-faith efforts to comply while still meeting consumers’ expectations does not expose lenders and settlement service providers to litigation during the initial period after the regulation becomes effective.”

Read the letter.