In remarks before the Senate Banking Committee on July 15 CFPB Director Cordray offered encouraging words concerning his previous pledge to show great “sensitivity” to good faith efforts to comply with the new Truth in Lending-RESPA Integrated Disclosure (TRID) rules. In response to a question from Senator Tim Scott (R-SC) Director Cordray said that early enforcement of TRID “will be diagnostic and corrective. Saying that he doesn’t think lenders are looking to “exploit consumers on something like this,” and “They’re just going to be trying to get it right.”
He added that “. . . for the first period, which may last many months, the other agencies and ourselves as we work on this, if we see errors, we will point out what they are and how they should be corrected. We will not be looking to be punitive to people.” NAR and other industry groups had sought a specified time period and greater understanding of what the promised “sensitivity” would entail. While Cordray’s new remarks fall short of those goals, they do offer very encouraging assurances.
For complete up-to-date information on the new mortgage closing rules, go to: www.nar.realtor/respa.