Realtors Want More Time to Adapt to TILA/RESPA Changes
Thanks to a reprieve from the Consumer Financial Protection Bureau, the TILA/RESPA mortgage disclosure changes won’t go into effect until October 3 – but Realtors are still a bit worried.
TILA/RESPA stands for the “Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Mortgage Disclosures.” You may see the acronym TRID refer to this as well. The CFPB has written these new rules as part of its mandate under the Dodd-Frank Act, and real estate professionals will need to be prepared to adjust to the new paradigm. But despite the consideration shown by the CFPB in delaying the implementation date for TRID, some in the real estate community continue to express concern about the risk of over-zealousness when it comes to enforcing compliance in the first few months after the change takes effect.
So the National Association of Realtors has sent a letter outlining some of those concerns to the CFPB, and today’s guest has some insight into what that letter contains. Bill Gilmartin is the Senior Policy Advisor for Industry Relations and Outreach at the NAR, and he and Ilyce get into the nitty gritty of TILA/RESPA on this episode of Big Money Real Estate.
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