AAR Responds to TILA-RESPA Integrated Disclosure Rule Delay
On June 17, the Consumer Financial Protection Bureau proposed postponing new TILA-RESPA Integrated Disclosure (TRID) rules until October 3.
“We welcome the proposed delay in implementation of the TRID rule,” said Jim Sexton, president of the Arizona Association of REALTORS® (AAR). “While the Association has already revised several of its forms to ensure TRID compliance, should the postponement take effect, we will simply wait until mid-September to launch those forms.”
AAR General Counsel Scott Drucker said that in the interim, “Sample versions of the revised forms, along with pertinent analysis, will remain on the Association’s website, so that members become familiar with the changes.” He added, “This potential delay will allow REALTORS® and industry partners additional time to take classes, seek answers to lingering questions, and become even more knowledgeable about the new rules and regulations.”
Arizona Association of REALTORS® is the largest trade association in the state, representing more than 40,000 realtors subscribing to the strict Code of Ethics outlined by the National Association of REALTORS®.Tags: CFPB, Consumer Financial Protection Bureau, Jim Sexton, RESPA, TILA, TRID