Fannie Mae and Freddie Mac yesterday issued letters to the mortgage lenders they work with explaining their posture toward compliance with the TILA-RESPA integrated disclosures, which went into effect for new mortgage applications on Saturday.
Browsing: TILA-RESPA integrated disclosures
The full House is expected to vote this week on two bipartisan bills that are part of ABA’s Agenda for America’s Hometown Banks. H.R. 1553, introduced by Reps. Scott Tipton (R-Colo.), Lacy Clay (D-Mo.) and Andy Barr (R-Ky.), would raise the asset threshold for qualifying for the 18-month exam cycle from $500 million to $1 billion.
Responding to multiple letters and aggressive advocacy by ABA, top regulators yesterday clarified their approach to assessing compliance with the TILA-RESPA integrated disclosures.
Testifying before the House Financial Services Committee today, Consumer Financial Protection Bureau Director Richard Cordray signaled that the bureau and other financial regulators are working on guidance for a formal ‘hold-harmless’ period to facilitate compliance after the TILA-RESPA integrated disclosures take effect on Saturday.
The entire New Hampshire congressional delegation — two Democrats and two Republicans — on Thursday wrote to Consumer Financial Protection Bureau Director Richard Cordray to request a “grace period” for good-faith efforts to comply following the Oct. 3 effective date for the TILA-RESPA integrated disclosures.
With less than two weeks until the TILA-RESPA integrated disclosures take effect on Oct. 3, compliance officers can peruse ABA’s FAQ documents on TRID.
ABA and several housing and financial trade groups yesterday asked the federal banking agencies to issue formal joint guidance through the Federal Financial Institutions Examination Council clarifying how they will examine compliance with the TILA-RESPA integrated disclosures after the new forms and processes take effect Oct. 3.
ABA President and CEO Frank Keating wrote to bank CEOs today to update them on ABA’s pursuit of improved policies from regulatory agencies.
ABA staff answer frequently asked compliance questions.
To help answer bankers’ compliance questions about the TILA-RESPA integrated disclosures, which take effect on Oct. 3, the Consumer Financial Protection Bureau released an index of the questions and answers from its five TRID-related webinars.