And while it may be a big step in winning a grace period, there is still work to be done.
“We hope the senate follows suit and hat President Obama reconsiders his thoughts to veto,” Rocke Andrews, President-Elect of NAMB, told Mortgage Professional America. “This bill is about allowing a period of adjustment not abuse of the consumer.”
The bill passed 303-121. The bill won support from 239 Republicans and 64 Democrats.
The issue the White House has, according to Andrews, is whether the bill is truly a bi-partisan issue.
The White House issued a statement Tuesday saying its advisors would advise the President to veto the bill.
"The CFPB has already clearly stated that initial examinations will evaluate good faith efforts by lenders. The Administration strongly opposes [the bill], as it would unnecessarily delay implementation of important consumer protections designed to eradicate opaque lending practices that contribute to risky mortgages, hurt homeowners by removing the private right of action for violations, and undercut the nation's financial stability," the White House said in a release Tuesday. “If the President were presented with H.R. 3192, his senior advisors would recommend that he veto the bill.”
NAMB has been one of the most vocal supporters of H.R. 3192, along with over 20 housing groups.
The bill would extend a formalized grace period for the TILA-RESPA Integrated Disclosure rule until February 1, 2016.
Bill H.R. 3192, which would institute a hold harmless period for TRID, was passed by congress late Wednesday despite a promise from President Barack Obama to veto.