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Th e M Rep o RT | 41 O r i g i nat i O n s e r v i c i n g a na ly t i c s s e c O n da r y m a r k e t SERVICING times to discuss the impact of the TRID rule and their con- cerns about compliance, released the following statement: "We appreciate Director Cordray's consideration and leadership in recognizing the value of 'good faith efforts' by credit unions on this complex new rule. We also appreciate the bipartisan support of all the members of Congress who wrote Director Cordray and met with him to urge a restrained examination period. A grace period will not only ensure a smoother implementation of the new TILA-RESPA mortgage disclosure forms, but it will also allow those who make a good-faith effort to comply with the regulation to do so without the fear of potential regulatory enforcement actions." There were some lawmak- ers in Congress that were not satisfied, however. Reps. Randy Neugebauer (R-Texas) and Blaine Lutkemeyer (R-Missouri), respectively the Chairman of the Housing and Insurance Subcommittee and Chairman of the Financial Institutions and Consumer Credit Subcommittee, released a statement saying that while they appreciated Cordray's taking a "first step" in showing "regulatory sensitivity" toward those showing good faith efforts to comply with the TRID rule, they believe that anything short of a formalized "hold harmless" period is "unacceptable." "Today's announcement falls far short of our expectations and runs contrary to the impression with which Members were left yesterday," Neugebauer and Lutkemeyer said in a joint announcement. "We hope the Bureau and all banking regulators will stand by their commitment to work with consumers and market participants to ensure a seamless implementation of the rules. The Bureau should expect vigorous oversight and attention from members of Congress in how its supervision efforts play out after August 1st's effective date. To that end, we will be sending letters to all major financial trade associations asking that they keep Congress informed of any and all disciplinary actions taken by the CFPB and other financial regulators on TRID implementation." Rep. Steve Pearce (R-New Mexico) released the following statement: "Since the finalization of the rule, businesses have been working to meet the August 1, 2015 deadline. Despite a concert- ed effort to meet the demands of the August implementation date, a billion dollars spent by industry to train staff, procure needed new technology and hire additional employees, will not be enough to meet CFPB's unobtainable requirements. If not changed, the uncertainty would cause fewer homes to be sold during the peak sales sea- son–the end of summer before school starts. Today's lackluster response from Director Cordray, despite national calls, and repeated bipartisan letters from Congress urging a defined hold harmless period, clearly shows the agency's disconnect from the American people and the state of our economy. The nonde- script and weak announcement from CFPB creates even greater uncertainty in the housing mar- ket, at the worst possible time of the year." the latest For The Next Generation of Leaders Ready 43 rd Annual Western Secondary Market Conference July 8-10, 2015 | Westin St. Francis | San Francisco www.CMBA.com