The new TILA-RESPA Integrated Disclosure rule goes into effect on Oct. 3, and the National Association of Realtors thinks its members will be ready.
That said, they are extremely grateful that the Consumer Financial Protect Bureau is implementing an informal hold harmless grace period.
While the grace period offered by the CFPB is undefined, Congress will be voting on a bill next week to formalize the grace period through the end of 2015.
“Realtors across the country have worked hard to prepare for the TILA-RESPA Integrated Disclosure rule, which goes into effect tomorrow,” says NAR President Chris Polychron. “NAR has been in close contact with the CFPB throughout this process to advocate changes that would address Realtor concerns, such as moving implementation from Aug. 1 to Oct. 3 to accommodate the busy buying and selling season.
“NAR also applauds CFPB Director Richard Cordray for committing this week in writing and in congressional testimony to a safe-harbor period for good-faith actors in the early stages of implementation,” Polychron said.
For a look at how TRID may affect real estate transactions, click here.
“For all the good work that has been done, we know there will be challenges ahead, especially in the first few months,” Polychron concedes. “That means as these new rules take effect, the hard work to deliver timely and efficient closings continues; extra time for closings and open lines of communication will be critical. NAR will continue to communicate Realtors’s and their clients’ concerns to the CFPB and help ensure the new rules are carried out with as little disruption as possible to consumers and the industry.
“At the same time, Realtors will continue providing expert service to their clients and playing a critical role in helping consumers everywhere achieve their buying, selling and investing objectives,” Polychron says.