Bill Expected to Face Challenge in Senate
Yesterday evening, the U.S. House of Representatives voted 303-121 to pass H.R. 3192, the Homebuyers Assistance Act, which seeks to create an official hold harmless period until February 1, 2016. The bill now heads to the Senate, where it is expected to face significant opposition. If passed, the legislation would provide relief to companies making a good faith effort to comply with TRID, preventing them from facing potential regulatory and civil liability during this time period.
Despite the challenges to the bill becoming law, this is an important victory in our ongoing effort to educate Congress about the need for more congressional oversight of the Consumer Financial Protection Bureau (CFPB) and to persuade the CFPB to allow for good faith errors by regulated parties as this complex change is implemented by the real estate industry across the nation.