The Kentucky Association of REALTORS® works closely with the National Association of REALTORS® to monitor and advocate for federal policy that is friendly to real estate.
TRID Regulation (August 1, 2015 deadline, possible delay to October 1, 2015)
The Consumer Financial Protection Bureau (CFPB) announced a grace period for enforcement of TILA-RESPA Integrated Disclosure (TRID) regulation. Although a definite testing or "grace" period was not stated and is currently open-ended, the Mortgage Bankers Association believes it is likely to last at least until the end of 2015.
Leading up to the conclusion of recent NAR Legislative Meetings, REALTORS®’ efforts to get clarification into new truth in lending rules, and insight into the delays these changes might cause for consumers, appear to have paid off. Letters from both the House and Senate, led by Kentucky Representative Andy Barr, and signed by over 275 other members of Congress including all six of Kentucky's U.S. House delegation, provided enough concern over the August 1 deadline that the CFPB took notice.
NAR Statement on TRID enforcement
Article explanation on CFPB actions
Senate Letter to CFPB
House Letter to CFPB
CFPB Response Letter to Congress
Letter from industry to CFPB concerning H.R. 2213
H.R. 2213 (House bill to provide delay in TRID enforcement)