Mortgage

White House threatens to veto TRID grace period bill

Calls hold harmless period ‘unnecessary delay’

The House of Representatives is scheduled to vote on a bill that would extend and formalize the grace period for the TILA-RESPA Integrated Disclosure rule until Feb. 1, 2016, and the White House is threatening to veto the measure if it passes Congress.

The House is considering H.R. 3192, the Homebuyers Assistance Act, sponsored by Rep. French Hill, R-Ark., which was passed in committee with overwhelming bipartisan support.

The industry, including the National Association of Realtors, Mortgage Bankers Association, and more than a score of other trade associations, support the bill.

Late Tuesday, the White House said that it would veto the Homebuyers Assistance Act, due for a vote on the House floor this afternoon.

"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 its release.

“If the President were presented with H.R. 3192, his senior advisors would recommend that he veto the bill,” the statement says.

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