ABA Urges Passage of Bill Creating TRID ‘Hold Harmless’ Period

ABA and several other trade groups yesterday urged the House Financial Services Committee to advance H.R. 2213, a bipartisan bill that would establish a “hold harmless” period after the new TILA-RESPA integrated mortgage disclosures take effect on Aug. 1.

In its enforcement of TRID, the CFPB has said it will be “sensitive” to progress made by entities making good-faith efforts to comply, but the groups said that the “industry needs more certainty that their good-faith efforts to comply while still meeting consumers’ expectations does not expose lenders and settlement service providers to litigation during the initial period after the regulation becomes effective.”