WASHINGTON (October 2, 2015) — The following is a statement by National Association of Realtors® President Chris Polychron in advance of the Consumer Financial Protection Bureau's Know Before You Owe TILA-RESPA Integrated Disclosure, or TRID, going into effect tomorrow, October 3:
"Realtors® across the country have worked hard to prepare for the TILA-RESPA Integrated Disclosure, which goes into effect tomorrow.
"NAR has been in close contact with the CFPB throughout this process to advocate changes that would address Realtor® concerns, like moving implementation from August 1 to October 3 to accommodate the busy buying and selling season. NAR also applauds CFPB Director Richard Cordray for committing this week in writing and in congressional testimony to a safe-harbor period for good-faith actors in the early stages of implementation.
"For all the good work that has been done, we know there will be challenges ahead, especially in the first few months.
"That means that as these new rules take effect, the hard work to deliver timely and efficient closings continues; extra time for closings and open lines of communication will be critical. NAR will continue to communicate Realtors®' and their clients' concerns to the CFPB and help ensure the new rules are carried out with as little disruption as possible to consumers and the industry.
"At the same time, Realtors® will continue providing expert service to their clients and playing a critical role in helping consumers everywhere achieve their buying, selling and investing objectives."
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.1 million members involved in all aspects of the residential and commercial real estate industries.
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