{"id":7917,"date":"2015-05-28T12:23:31","date_gmt":"2015-05-28T12:23:31","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=7917"},"modified":"2015-05-28T12:23:31","modified_gmt":"2015-05-28T12:23:31","slug":"congress-urges-delay-on-new-mortgage-rules","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/congress-urges-delay-on-new-mortgage-rules\/","title":{"rendered":"Congress Urges Delay on New Mortgage Rules"},"content":{"rendered":"

Congress Urges Delay on New Mortgage Rules<\/h1>\n

 <\/p>\n

\"Congress<\/a>

Congress Urges Delay on New Mortgage Rules. Image courtesy of atibodyphoto \/ FreeDigitalPhotos.net<\/p><\/div>\n

About 300 lawmakers from both the House and Senate have waged a bipartisan effort urging the Consumer Financial Protection Bureau to offer a \u201cgrace period\u201d for lenders to comply with a new mortgage disclosure rule that is slated to take effect Aug. 1.<\/p>\n

Lawmakers sent letters last week asking the CFPB to grant banks, credit unions, and other lenders an extension of Dec. 31 before the agency enforces the new rule.<\/p>\n

The new rule aims to streamline the disclosure process for home buyers during closing by merging the Truth in Lending Act and the Real Estate Settlement Procedures Act into one form. The new form is referred to as TRID.<\/p>\n

The real estate industry has largely supported the new form but has also asked for more time as lenders get accustomed to using it. Earlier this month during the 2015 National Association of REALTORS\u00ae Legislative Meetings & Trade Expo in Washington, D.C., REALTORS\u00ae met with members of Congress to urge a grace period for the enforcement of the new closing process for residential transactions.<\/p>\n

\u201cAs you know, August is a traditionally busy month in the real estate industry,\u201d according to the May 21 bipartisan letter, which was signed by 41 senators. \u201cMany real estate agents, lenders, and others who help our constituents buy or refinance homes are concerned about implementation of the new TRID disclosure forms, with no grace period, during the peak home buying season.\u201d<\/p>\n

The CFPB has declined to comment on the letters.<\/p>\n

Source: \u201cCongress Urges CFPB to Delay Enforcement of New Mortgage Disclosures,\u201d American Banker (May 22, 2015)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Congress Urges Delay on New Mortgage Rules   About 300 lawmakers from both the House and Senate have waged a bipartisan effort urging the Consumer Financial Protection Bureau to offer a \u201cgrace period\u201d for lenders to comply with a new mortgage disclosure rule that is slated to take effect Aug. 1. Lawmakers sent letters last … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-7917","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nCongress Urges Delay on New Mortgage Rules - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/congress-urges-delay-on-new-mortgage-rules\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Congress Urges Delay on New Mortgage Rules\",\"datePublished\":\"2015-05-28T12:23:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/\"},\"wordCount\":289,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/ID-100327497.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/\",\"name\":\"Congress Urges Delay on New Mortgage Rules - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/ID-100327497.jpg\",\"datePublished\":\"2015-05-28T12:23:31+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/congress-urges-delay-on-new-mortgage-rules\\\/#primaryimage\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/ID-100327497.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/ID-100327497.jpg\",\"width\":400,\"height\":400,\"caption\":\"Congress Urges Delay on New Mortgage Rules. 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