Newsroom

NAFCU and 29 other financial trade associations urged members of the House in a joint letter Monday to support H.R. 3192, the "Homebuyers Assistance Act," a bill that would establish a hold-harmless period under TRID to last to Feb. 1, 2016.

H.R. 3192, slated for a vote in the House tomorrow, "recognizes the unavoidable learning curve that accompanies the implementation of any new regulation," the groups said in Monday's letter.

"This learning curve may be particularly steep for TRID because these new forms and systems have yet to be used in an actual homebuyer transaction," they wrote. "A formal hold-harmless period will help ensure the real estate settlement and mortgage lending industries can adapt their business processes and continue to meet homebuyers' needs during the first few months following the October 3 implementation."

Other signers included the American Bankers Association, the Community Mortgage Lenders of America, the Independent Community Bankers of America, CUNA and the National Association of Realtors.

In his testimony before the House Financial Services Committee last month, CFPB Director Richard Cordray said the bureau would consider a hold-harmless period for the TRID rule to last "more or less than six months." In a letter to financial and real estate trades last week, Cordray said regulators will focus on lenders' "good faith" compliance efforts.