Hill Statement on TRID Changes
For more information, contact: Mike Siegel, (202) 225-2506
Washington, DC, August 3, 2016
Congressman French Hill (AR-02) released the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) proposed changes to the TILA-RESPA Integrated Disclosure (TRID) rule:
“Since TRID was implemented ten months ago, it has been a compliance nightmare. I am glad the CFPB ultimately came to its senses and acknowledged the problems with implementing the rule, and while this proposed update is a positive step, there are still many issues that need to be addressed. I urge them to continue to work with industry representatives and Congress to ensure that the final mortgage disclosure rule is workable for the industry and benefits consumers.”
In October 2015, just days after CFPB began implementation of the TRID rule, the House passed H.R. 3192, the Homebuyers Assistance Act, which was introduced by Congressman Hill and would have created a temporary legal safe harbor for those making a good faith effort to comply with TRID, which would have enabled the real estate industry to more effectively navigate the transition to this new, complex closing regime.