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NAR filed comments in support of the Consumer Financial Protection Bureau’s (CFPB) proposal to delay implementation of the TILA/REPSA Integrated Disclosure (TRID) rule until October 3, 2015. Originally set for implementation beginning August 1, the TRID rule has been of concern to lenders, title companies and real estate agents because of the potential delays in mortgage closings, especially in the early days of implementing the new rules. This would have been especially true in the traditionally busy August-September period for real estate closings.
In its official comment letter, NAR also restated its earlier calls for CFPB to grant a grace period for a specified period of time of at least three months to allow for good faith efforts at implementing the new rules without threat of heavy penalties. While real estate agents themselves are not subject to penalties associated with the new TRID rules, agents are fearful that inordinate delays in closings may occur as “kinks” in the new rules and forms are ironed out. The NAR letter also seeks further written clarification from CFPB on a number of issues related to the TRID rule, including the possibility that unforeseen factors could drive up the cost of appraisals, thus upsetting the disclosure timeframes.