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House subcommittee wants delay on TILA-RESPA enforcement

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Mortgage Professional America | 15 May 2015, 12:25 PM Agree 0
Bipartisan legislation would delay enforcement of the new integrated disclosure rule
  • Andrea | | 15 May 2015, 12:37 PM Agree 0
    I am just curious who are these numbnuts that come up with all these 'glorious' ideas that are allegedly more transparent to home buyers, borrowers who are refinancing, etc. They must not own a home or are just so rich, they don't need a mortgage! wink, wink..Barney Frank and Chris Dodd!!!
  • Maureen | | 15 May 2015, 12:58 PM Agree 0
    ...For this reason, NAR is advocating that the CFPB make the period August 1, 2015 to December 31, 2015 a restrained enforcement and liability period. During this period, industry would operate under the rule and use the new disclosure forms but be held harmless in terms of liability if acting in good faith. The industry and the CFPB can then collect data on problems and develop solutions to minimize costly and harmful impact on consumers.” ... That's ridiculous . In my opinion this would not help at all. There are many reasons to overturn this rule...but I will focus on the most obvious...the hit to the consumer. There will be additional cost to borrowers with cost for longer lock periods, lock extension costs, missed close dates...And the cost to make all these changes internally at banks, LOS programs, closing agent offices, etc. will be passed on the consumer. This is an unnecessary regulatory change. It benefits no one. It further complicates mortgage financing with yet more rules, regulations, and potential violations. It will slow down the market momentum toward recovery. We don't need a "restrained enforcement and liability period". We need a cease and desist order!

  • Willy | | 15 May 2015, 12:59 PM Agree 0
    Let's see...3 day wait for MDIA, 3 days for redisclosures, 3 days for new PTC rule, 3 days for right of rescission ..pretty soon 60 day locks will become the standard.
  • N Viejo | | 19 May 2015, 08:55 AM Agree 0
    Im in total agreement with everyone here. Huge costs to the consumer. What if the seller does not agree to extend a contract. A friend proposed this yesterday...hand every client *buyer and seller* a 3x5 card with CFPB and their legislature's contact info on it to raise a stink when things are a disaster at closing. Problem with the no enforcement NAR idea is that lenders will implement the rule anyway so as not to get sued. So nothing changes on the lending end. Just remove the 3 day wait and use the same tolerances we have now and I have no issue with the disclosure itself. Its better than what we have now.
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