Barry Loudermilk: “I thank my colleague and the gentleman from Michigan (Mr. Huizenga) for yielding time for me to speak on what I think is…”

“I thank my colleague and the gentleman from Michigan (Mr. Huizenga) for yielding time for me to speak on what I think is a very important bill. Mr. Speaker, I rise today in strong support of this bill, the bill which is entitled Building Up Independent Lives and Dreams Act, also better known as the BUILD Act. This bill is proof that, even in this Chamber, we can rise above politics and let common sense prevail occasionally. I would like to first start by thanking my colleagues on both sides of the aisle who have worked with me and my staff to make this a very strong, bipartisan effort. I appreciate my colleague Mr. Sherman, who just spoke, for negotiating reasonable changes to the bill and for being an original cosponsor. I also want to thank Ms. Tenney, Ms. Velazquez, and Mr. Budd for their work and for cosponsoring the bill as well. Mr. Speaker, the Dodd-Frank Act required the Consumer Financial Protection Bureau to combine the TILA loan estimate and the RESPA closing disclosure forms into one integrated form, which, as you have heard, is called the TRID. While the TRID forms were well intended to help ensure that home buyers receive essential information about the costs and terms of their home loan, the TRID rule has some unintended consequences on nonprofit organizations such as Habitat for Humanity. The TRID rule is a whopping 1,888 pages long and is very complicated.…”