Blaine Luetkemeyer: “There is no doubt reform of TILA and RESPA is needed. Change has been advocated by all parties, and by Members on both…”

“There is no doubt reform of TILA and RESPA is needed. Change has been advocated by all parties, and by Members on both sides of the aisle. Like many of you, I continue to hear from lenders, real estate professionals, and title insurance companies in my district that third parties were not frilly prepared for the October 3rd implementation of TRID. This is particularly true for small businesses with fewer resources. Beyond preparedness issues, there remain questions over TRID processes and associated liability. Countless concerns have also been raised over the lack of a formalized restrained enforcement period. A hold harmless period would allow a better understanding of the changes associated with TRID, and help to ensure consumer confidence and stability in the housing market. In addition to a wide array of financial services industries, a bipartisan group of lawmakers has expressed the need for a hold harmless period like the one included in H.R. 3192. In fact, more than 250 Members of Congress, 92 of whom were Democrats, expressed strong support for the idea in a letter led by Mr. Barr of Kentucky and Mrs. Maloney of New York. CFPB Director Richard Cordray indicated in an April 22nd letter that the Bureau ``expects to continue working with industry . . . to answer questions, provide guidance, and evaluate any issues . . .'', but that he would not use his authority to institute a grace period.…”