So the House passed bipartisian legislation Wednesday afternoon to to help keep the mortgage process moving despite the noise from the White House about a veto. The bipartisan vote was 303-121, which is significant.
The bill, called the Homebuyers Assistance Act, gives companies working in good faith, trying their best to comply with the onerous legislation, a four-month grace period to escape steep fines and hand slaps. Which could also delay closings. The TRID is about 1,888-pages of rules from the Consumer Financial Protection Bureau that went into effect Oct. 4.
Realtors, mortgage lenders and title companies have been spending months in preparation and millions of dollars to comply.
“I have talked to lenders who tell me they have spent millions on extra staff and new software,” said Brit Fair of Hexter-Fair Title Company.
Does he think those extra expenses will ultimately be passed onto the consumer?