Mortgage industry: Give us a “good-faith” grace period on TRID

 · Mortgage bankers association president and CEO David H. Stevens described the grace period as a “win-win” for both industry and consumers. “With so many difficulties around integrating systems, the industry needs flexibility to ensure consumers do not incur costs or lose home sales due to unforeseen problems,” Stevens said.

So, this begs the question: Do you think CFPB TRID changes will heal mortgage market. provides a four-month grace period for businesses that are working in good faith to comply with TRID. The bill.

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In a letter (see below) to CFPB Director Richard Cordray, RE/MAX CEO and co-founder Dave Liniger urged that the bureau refrain from enforcement of the new TRID. a "good faith grace period" from.

A grace period will not only ensure a smoother implementation of the new TILA/RESPA mortgage disclosure forms, but it will also allow those who make a good faith effort to comply with the.

The CFPB did give a little – under increasing industry and bipartisan congressional pressure – saying that the bureau would graciously grant an undefined grace period for good faith. of TRID until.

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While the content of the forms have been updated for TRID, the systems can only compare a single LE with the final CD. While this approach might be permissible if, as many observers expect, there is a TRID grace period, this is not what the regulations call for or how CFPB is expected to examine loans.

A grace period will not only ensure a smoother implementation of the new TILA/RESPA mortgage disclosure forms, but it will also allow those who make a good faith effort to comply with the.

Key figures in the housing industry testified before the House Subcommittee on Housing and Insurance Thursday, urging members to support a good-faith grace period for compliance with the massive.

But make no mistake: the Consumer Financial protection bureau gave little ground in its pledge Wednesday to be "sensitive" to lenders that make a "good-faith effort" to comply with new mortgage. of.

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It’s been a bumpy ride for banks preparing for the sweeping regulation hitting the mortgage industry. under TRID. “This complicates it times two, if not more,” Gwaltney said. “That’s why we asked.