ABA yesterday said it welcomed the Consumer Financial Protection Bureau’s proposed delay of implementation of the TILA-RESPA integrated disclosures to Oct. 3. “The reforms imposed by TRID constitute a complete replacement of the existing mortgage disclosure regime, and as such, represent sweeping changes to the entire origination chain,” ABA said. “In short, compliance timeframes matter, and must accommodate the sequence of activities necessary to achieve compliant disclosures to consumers.”
ABA added that “the only way to realistically ensure an orderly transition” would be to institute a three-month “supervisory transition period” in which the regulators issue formal guidance allowing lenders making good-faith efforts to comply the time to refine and debug systems after the Oct. 3 effective date. For more information, contact ABA’s Rod Alba.