News

CFPB Takes First Steps Toward Greater Clarity on RESPA-TILA Integrated Disclosure Enforcement03 Jun

WASHINGTON (June 3, 2015) – The following is a statement from National Association of Realtors® President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., in response to the Consumer Financial Protection Bureau’s announcement  of “sensitivity” to companies making a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure regulation.

“The action announced today by the CFPB is a welcome first step toward clarifying the changes coming to real estate closings August 1. NAR appreciates the “sensitivity” offered by the CFPB to companies making a good-faith effort to comply with the new TILA-RESPA Integrated Disclosure regulation.

“NAR will continue to work with the CFPB to minimize any possible market disruptions or uncertainty when the rule takes effect August 1, during the busiest transaction season for real estate.

“Almost 300 U.S. Senators and Representatives asked the CFPB to further develop market certainty through a clarification of the TRID regulation. NAR has long advocated a period of restrained enforcement and liability for the TILA-RESPA Integrated Disclosure rule.

“While NAR appreciates the CFPB’s understanding of the difficulties involved in making a change of this magnitude, we hope that continued dialog with U.S. Senate and House leaders will result in a solution that allows the lending industry and CFPB to address any implementation issues and minimize costly closing delays for home buyers and sellers.

“NAR extends its gratitude to U.S. Reps. Blaine Luetkemeyer, R-Mo.; Andy Barr, R-Ky.; Carolyn Maloney, D-N.Y.; Steven Pearce, R-N.M.; Brad Sherman, D-Calif.; and U.S. Sens. Tim Scott, R-S.C.; and Joe Donnelly, D-Ind., who came together, at our request, to bring this issue to the attention of the CFPB.”

Realtors® Applaud CFPB’s Extended TRID Implementation Deadline

WASHINGTON (July 21, 2015) — The following is a statement by National Association of Realtors® President Chris Polychron in support of the Consumer Financial Protection Bureau’s announcement today that the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure, or TRID, implementation date has been moved from August 1 to October 3:

“NAR has worked diligently with the CFPB throughout this process, helping to ensure that the upcoming harmonization of TILA-RESPA disclosures is carried out with as little disruption to the industry as possible. In addition, NAR has worked hard to ensure our members have everything they need to comply with the rules while continuing the business of real estate without interruption.

“August is a busy time for Realtors®, as home buying and selling picks up around the summer season. CFPB’s recognition of the challenge that an August implementation posed for the industry is a big win for Realtors®, for lenders, for consumers and for everyone involved.

“An October 3 implementation will help ensure that our industry has time to prepare for the changes ahead while helping consumers get to closing without delay.

“NAR will continue to keep members updated on the rule and ensure they have the tools to comply with the changes coming their clients’ way. We will also continue communicating any Realtor® concerns about the implementation to the CFPB and look forward to a continued partnership as the TRID rule goes into effect later this year.”

Contact Information

Alaska Association of REALTORS®
4205 Minnesota Drive
Anchorage, Alaska 99503

Phone (907) 563-7133
FAX (907) 561-1779
Toll-Free (800) 478-3763

joinus@alaskarealtors.com

Registration Open

2015 Convention