[Congressional Record (Bound Edition), Volume 161 (2015), Part 7]
[House]
[Pages 9142-9143]
[From the U.S. Government Publishing Office, www.gpo.gov]




            LET'S DELAY IMPLEMENTATION OF THE NEW CFPB RULE

  (Mr. COSTELLO of Pennsylvania asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. COSTELLO of Pennsylvania. Mr. Speaker, I rise today relating to 
the

[[Page 9143]]

new CFPB rule combining the Real Estate Settlement Procedures Act and 
Truth in Lending Act disclosure that is scheduled to take effect on 
August 1.
  On behalf of home buyers across this country, the real estate 
industry has requested a grace period or hold harmless period for 90 
days. To date, the CFPB will only commit to saying they will have 
relaxed enforcement for a period similar to that of the qualified 
mortgage/ability to repay rule.
  Now, leaving aside whether this rule will provide more clarity or 
more confusion to the real estate purchaser, leaving aside whether it 
will provide more protection to buyers or be more problematic for them 
to close on a real estate transaction, I want to focus on the August 1 
deadline.
  I spent 10 years in the real estate industry working with real estate 
agents, banks, mortgage professionals, title insurance agents, and it 
is well known that June, July, and August tend to be the most active 
months for real estate transactions. Changing disclosure requirements 
in the middle of the busiest part of the calendar year for real estate 
deals causes difficulty for those involved in conducting settlements. 
And changing them without the ability for professionals to test their 
systems and procedures doesn't make much sense, either.
  It is also unfair to consumers in that you are compelling their 
retained professionals to receive the training during the busiest 
months, implement new procedures, and account for unanticipated 
disruptions. Any hiccup along the way is actually to the detriment of 
the consumer.
  Let's make the rule effective in January or February of 2016, which 
are historically the slowest months of the year, and when it is most 
fair to real estate consumers.

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