The MReport Webcast: Thursday 6/4/2015

The Consumer Financial Protection Bureau announced on Wednesday morning that a grace period will be in effect for those servicers attempting to comply in good faith with the TILA-RESPA Integrated Disclosure requirements that are scheduled to go into effect August 1. While the CFPB did not push back the August 1 implementation date of the rule as many lawmakers and industry stakeholders requested, Director Richard Cordray attempted to ease some of those concerns on Wednesday by saying it would take into account a company's good faith effort to comply with the rule after it goes into effect.

Some organizations such as the National Association of Federal Credit Unions and the Credit Union National Association praised Cordray's announcement of the grace period. However, lawmakers such as Congressmen Randy Neugebauer, Blaine Lutkemeyer, and Steve Pearce, all of whom had petitioned the Director for a delay of the TRID Rule's enactment, expressed their disappointment in Wednesday's announcement, saying that anything short of a hold harmless period is "unacceptable."

The Federal Reserve reported in its Beige Book on Current Economic Conditions for May 2015 that residential real estate activity and construction has expanded in most districts since the previous Beige Book report in mid-April and that outlooks were "largely positive." In the Minneapolis District, residential home sales rose strongly on a year-over-year basis. All of the remaining districts reported modest to moderate gains in home sales except for Philadelphia, where builders reported mixed conditions for new home sales.