Congress and the White House are about to face off on giving lenders more penalty-free time to implement a new rule designed to help consumers when closing on a new home. The Republican-led House, backed by the powerful National Association of Realtors and the Mortgage Bankers Association voted late Wednesday night to pass the Homebuyers Assistance Act, which would extend the grace period for lenders until Feb. 1, 2016 before they could be sanctioned by the Consumer Financial Protection Bureau f...
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The House voted 303 to 121 on Wednesday to pass a bill that would delay enforcement of new mortgage disclosures that went into effect on Oct. 3. Click here to read more.
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Defying the threat of a White House veto, the House on Wednesday afternoon passed bipartisan legislation to help homebuyers avoid delays and disruptions when closing on their new homes by a bipartisan vote of 303-121. The bill, the Homebuyers Assistance Act, provides a four-month grace period for businesses that are working in good faith to comply with a new 1,888-page rule from the Consumer Financial Protection Bureau that went into effect Oct. 4. The industry, including the National Associatio...
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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 Ba...
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The House of Representatives is expected to vote Oct. 7 on a bill (H.R. 3192) that would provide the mortgage lending and settlement services industries with a hold-harmless period extending to Feb. 1, 2016, for those who make good-faith efforts to comply with the TILA-REPSA Integrated Disclosure (TRID) rules. H.R. 3192 (or the Homebuyers Assistance Act) was introduced by Reps. French Hill (R-Ark.) and Brad Sherman (D-Calif.) and is different from H.R. 2213, which was introduced by Reps. Steve P...
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Congressional sources tell HousingWire the House will consider H.R. 3192, the Homebuyers Assistance Act, sponsored by Rep. French Hill, R-Ark., Wednesday afternoon. The House will consider the bill, which would create a concrete grace period through Feb. 1, 2016 for the TILA-RESPA Integrated Disclosure rule that went into effect Oct. 3. A number of trade associations have voiced their support for the bill, including the National Association of Realtors, Mortgage Bankers Association, and others. ...
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NAFCU, CUNA and 28 other trade associations – including banking associations – sent a letter to federal legislators Monday urging them to support H.R. 3192, a measure that would hold lenders harmless for mistakes they make when attempting to comply in good faith with the CFPB’s new real estate closing rule. However, on Tuesday President Obama threatened to veto the legislation should it pass Congress. "The CFPB has already clearly stated that initial examinations will evaluate good faith efforts...
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The latest assurances from federal regulators that they will initially take a soft approach to enforcing the new TRID consumer-disclosure rules have not satisfied mortgage and banking trade groups. With the rules effective since Oct. 3, the industry continues to support a bipartisan bill passed in July in the House Financial Services Committee that would extend a safe harbor on enforcement through Feb. 1. The House bill, which was co-sponsored by Rep. French Hill, R-Ark., and Rep. Brad Sherman, ...
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The full House is expected to vote this week on two bipartisan bills that are part of ABA’s Agenda for America’s Hometown Banks. H.R. 1553, introduced by Reps. Scott Tipton (R-Colo.), Lacy Clay (D-Mo.) and Andy Barr (R-Ky.), would raise the asset threshold for qualifying for the 18-month exam cycle from $500 million to $1 billion. Meanwhile, H.R. 3192 — introduced by Reps. French Hill (R-Ark.) and Brad Sherman (D-Calif.) — would institute until Feb. 1, 2016, a safe harbor from enforcement and li...
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With just hours to spare before federal funding expired, Congress last week approved a stopgap measure to keep agencies open for another 10 weeks as they negotiate a budget for the fiscal year that began Oct. 1. The continuing resolution, which cleared the Senate and House, would basically maintain current funding levels through Dec. 11. It includes about $196 billion to fund the government and $14 billion for overseas military contingencies, as well as $700 million in emergency funding to fight...
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