In a bid to secure some breathing room for the real estate industry from new regulation, Dave Liniger, CEO of real estate franchisor Re/Max, recently sent an open letter to the Consumer Financial Protection Bureau requesting that the agency delay enforcement of the TILA-RESPA Integrated Disclosures (TRID) rules.

TRID, which is set to kick in on August 1, consolidates four existing disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into two forms, and imposes requirements that are expected to impact the timeline of closings and allow for little or no last-minute changes to a transaction.

“TRID is a complex regulation that involves timelines, disclosures, procedures and forms that have never been used before,” Liniger wrote. “Undoubtedly, the transition will also cause significant confusion for the home-buying consumer, the very individuals TRID has been designed to assist.”

Liniger asked the CFPB to grant a “good faith grace period” from August 1 to December 31, “a sufficient time for the industry to learn the new system without fear of enforcement, liability or litigation.”

Richard Cordray, the director of the CFPB, spoke at the National Association of Realtors’ 2015 Realtors Legislative Meetings & Trade Expo yesterday. He has stated that the CFPB has no plans to delay TRID rule implementation.

Read the full letter below:

Email Teke Wiggin.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription