Such are the reasons why the House of Representatives passed a bill, H.R. 3192, on October 7 that would provide a statutory grace period for enforcement by the CFPB and private litigants until.
Overview of Extension on TRID Forms for Mortgage Lenders. If you answered no, then you may be delighted to find that the CFPB has not only delayed the initial implementation from August to October, but it’s also granted a good faith grace period through December 2015. Don’t worry, you’re not alone.
On Oct. 3, lenders finally reached the much-delayed compliance deadline imposed by TRID. However, in an effort to assist smaller lending, title and escrow companies reach a level of sustainable compliance with the new documentation, a bipartisan bill was introduced, and has since been moving through Congress, that would establish a grace period for those institutions putting forth "good.
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Despite more than 250 members of the U.S. Congress urging the Consumer Financial Protection Bureau to provide a formal hold-harmless period for its new mortgage rule, no such grace period has been put forth, noted Reps. Randy Neugebauer (R-Texas) and Blaine Luetkemeyer (R-Mo.), in a letter Thursday.
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A vote is scheduled this week in the House on H.R. 3192 which includes a TRID grace period through the end of the year. Regardless of how Congress moves on the issue, it is clear that industry members should make sure to keep vigilant about their compliance processes in the months and weeks ahead.
U.S. Senate bill calls for creating TRID grace period through year’s end Legislation has been introduced in the U.S. Senate that calls for creating a short-term safe harbor for mortgage lenders from new consumer disclosure rules, known as TRID, that are set to become effective in early October.
However, the year-end spending bill was announced late tuesday, and the Homebuyers Assistance Act failed to make the list. trid grace period bill looks for a plan B | 2015-12-16 | HousingWire Sign In
The bill, the Homebuyers Assistance Act, provides a four-month grace period for businesses that are working in good faith to comply with a new 1,888-page rule from theConsumer Financial Protection Bureau that went into effect Oct. 4.