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CHLA Asks CFPB for More Specific TRID Protections

Community Home Lenders Association

Asks for More Specific TRID Protections

Contact: Scott Olson                                                                          For Immediate Release
571-527-2601                                                                                         June 3, 2015
In response to signals today from Director Richard Cordray that the CFPB would be sensitive with respect to enforcement of impending August 1 TRID RESPA/TILA changes for companies making a good faith effort to comply, Scott Olson, Executive Director of the Community Home Lenders Association (CHLA) today issued the following statement.
“The Community Home Lenders Association appreciates CFPB’s sensitivity to companies that are making a good faith effort to comply with August 1 RESPA/TILA TRID changes.  However, we call on CFPB to provide more specific protections for market participants, including a reasonable hold harmless grace period, to ensure that they are not penalized for unintentional errors and so that borrowers can close on their loans in a smooth and timely manner.”