On Thursday, May 14, 2015 NAR President Chris Polychron testified before the U.S. House Financial Services Subcommittee on Housing and Insurance on the need for a grace period before enforcing the new regulations on the real estate settlement process.
The Real Estate Settlement Procedures Act and Truth in Lending Act (RESPA/TILA) integrated disclosure rule is set to take effect August 1. A trial period with restrained enforcement and liability would allow the industry and CFPB to address implementation issues and minimize costly home closing delays for consumers
First and foremost, NAR has asked that the CFPB make August 1, 2015 to December 31, 2015 a trial implementation period of restrained enforcement,” said Polychron in his oral statement. “During this period, industry will operate under the rule and new forms, but be held harmless in terms of enforcement and liability as long as they act in good faith.”
You can read the full oral testimony here.