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On May 14, 2015, NAR urged the Consumer Financial Protection Bureau to implement a grace period for those seeking to comply in good faith with new rules for loan closing procedures and settlement documents. The Real Estate Settlement Procedures Act and Truth in Lending Act 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, said NAR President Chris Polychron in testimony before the U.S. House Financial Services Subcommittee on Housing and Insurance. The implementation date comes in the midst of the busy summer home buying and selling season. Even if only 10 percent of transactions experience closing issues that’s as many as 40,000 transactions a month, according to NAR home sales data. A grace period through the end of 2015 would delay enforcement to the slower winter months when fewer consumers would be negatively impacted. As the CFPB moves ahead with implementation, REALTORS® remain committed to working with the agency and our industry partners so that consumers only benefit from the new rules. To learn more about the upcoming RESPA/TILA implementation, www.nar.realtor/respa.
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