NATNews Blog > July 2015 > Realtors Applaud CFPB's Extension of the TRID Implementation Deadline

    Realtors Applaud CFPB's Extension of the TRID Implementation Deadline

    7/22/2015 11:03:56 AM
    National Association of Realtors President Chris Polychron issued a statement in support of the Consumer Financial Protection Bureau’s announcement that the TILA/RESPA Integrated Disclosure Rule implementation date has been delayed to Oct. 3, noting that moving the date out of the high selling season will make for a better transition.
    “NAR has worked diligently with the CFPB throughout this process, helping to ensure that the upcoming harmonization of TILA-RESPA disclosures is carried out with as little disruption to the industry as possible,” Polychorn said. “In addition, NAR has worked hard to ensure our members have the information they need to help educate their clients about the rule and continue the business of real estate without interruption.”
    He noted that August is a busy time for Realtors, as home buying and selling picks up around the summer season, and said CFPB’s recognition of the challenge that an August implementation posed for the industry was a big win for everyone involved.
    “An October 3 implementation will help ensure that our industry has time to prepare for the changes ahead while helping consumers get to closing without delay,” he said, adding, “NAR will continue to keep members updated on the rule and ensure they have the tools to comply with the changes coming their clients’ way. We will also continue communicating any Realtor concerns about the implementation to the CFPB and look forward to a continued partnership as the TRID rule goes into effect later this year.”