SACRAMENTO, Calif., April 15, 2015 /PRNewswire-USNewswire/ -- The Escrow Institute of California (EIC), in a letter to Consumer Financial Protection Bureau Director Richard Cordray, joined the 15 national trade associations led by Mortgage Bankers Association and American Land Title Association, as well as U.S. Congressmen Blaine Luetkemeyer (R-MO) and Randy Neugebauer (R-TX) in urging the Bureau to consider a "restrained enforcement" or "grace period" to comply with the TILA-RESPA Integrated Disclosure (TRID) after August 1 through the end of 2015.
EIC President Nancy Silberberg, speaking on behalf of the nearly 6,700 licensed settlement agents in California, expressed the Institute's concerns with the implementation and timing of the new rules. "While the majority of our members are familiar with the new regulations and are taking the necessary steps to prepare and work with the new forms, what is not known is how each lender will deal with the implementation. We want to make sure that we all have enough time to work through the possible bumps in the road during this NEW closing process. Our chief concern is to make sure the consumers are well served during this time. The Escrow Institute urges the CFPB to refrain from penalizing those who are working together towards understanding the changes associated with the TRID."
About the Escrow Institute of California
The Escrow Institute of California (EIC) is the professional trade association that represents California Department of Business Oversight licensed escrow/settlement agents. The California Department of Business Oversight currently licenses 949 locations throughout the state where more than 6,700 people, mostly women, are employed. For more information, please visit www.escrowinstitute.org.
SOURCE Escrow Institute of California