Reps. Carolyn B. Maloney (D-NY), Andy Barr (R-KY), and 252 other House Members have asked the Consumer Financial Protection Bureau for a grace period that would help lenders and home buyers comply with a new regulation. The Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) regulation required by the Dodd-Frank Wall Street Reform Act is meant to reduce the number and complexity of disclosure forms home buyers must review when closing on a home. The rule is set to take effect in August – the peak home buying season.
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