REALTORS® applaud proposed extension for TRID
Thursday, June 18, 2015
The National Association of REALTORS® is supporting the Consumer Financial Protection Bureau’s proposed two-month delay for the implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation.
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“The action announced today by the CFPB is a welcome step," said NAR President Chris Polychron in a statement. "NAR has long advocated the need to avoid implementing the new regulation during the peak summer selling season.
“NAR welcomes the CFPB’s proposed extension to **October 1, 2015 as well as the earlier 'sensitivity' it offered to companies making a good-faith effort to comply with the new TRID regulation," added Polychron. “We will continue to work with CFPB to minimize any possible market disruptions or uncertainty that could develop following the implementation.
“REALTORS® appreciate that the CFPB has demonstrated an understanding of the need for additional time to accommodate the interests of the many consumers and providers.”
**Update 6/24/2015: Proposed extension changed to October 3, 2015
Read the CFPB statement