On its face, the grace period gives the industry greater confidence and more time to properly implement TRID and put the new integrated disclosures to use. At the same time, because the grace period is indefinite and no one knows for sure how the CFPB will handle enforcement, industry professionals will continue to have nightmares and headaches.
With the grace period now granted, the CFPB is willing to postpone repercussions against companies that do not fully comply if they prove a good-faith effort in the implementation of TRID. At the very least, the grace period will run through the end of 2015 giving lenders nearly four months to work through issues and perfect the process.
NAMB Joins Others in Calling for Grace Period on TRID – NAMB-The Association of Mortgage Professionals has joined other mortgage industry leaders this week, including the American land title association (ALTA) and the National Association of Realtors (NAR), in calling for a good faith grace period for compliance with the massive TILA-RESPA Integrated Disclosure (TRID) requirements that are scheduled to go into effect Aug. 1, 2015.
Is A TRID Grace Period In The Works? | Easy Soft – The real estate industry has been lobbying Congress for years about nearly every aspect of TRID, from eliminating the rule, to having it changed, getting the implementation date pushed back, and now, a hold harmless grace period to allow the industry time to adjust to the new requirements without fear of repercussions from the CFPB.
· The Virginia Credit Union League is the statewide trade association representing the 190-plus member-owned, not-for-profit credit unions headquartered in the Commonwealth.
The Obamacare grace period would get trimmed: Under current Obamacare rules, people who are on the plans and who do not pay their premiums have a. and brokers to write to Congress asking for.
It’s enough to make you wonder whether every time Congress passes a law regulating banks, and the number of community banks declines, someone will blame Congress for the decline. Oh and by the way, according to the Lux-Greene report, community was already declining (though at a slower rate than since 2010).
Mortgage industry: Give us a "good-faith" grace period on TRID. Industry welcomes TRID grace period but Congress says it’s not enough.