National Association of REALTORS® President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., released the following statement in response to the Consumer Financial Protection Bureau’s announcement of a proposed two-month delay for the implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure, or TRID, regulation.
“The action announced today by the CFPB is a welcome step. NAR has long advocated the need to avoid implementing the new regulation during the peak summer selling season.
“NAR welcomes the CFPB’s proposed extension to October 1, 2015 as well as the earlier 'sensitivity' they offered to companies making a good-faith effort to comply with the new TRID regulation.
“We will continue to work with CFPB to minimize any possible market disruptions or uncertainty that could develop following the implementation.
“Realtors® appreciate that the CFPB has demonstrated an understanding of the need for additional time to accommodate the interests of the many consumers and providers.”