According to nationalmortgageprofessional, Senators Joe Donnelly (D-IN) and Tim Scott (R-SC) have sponsored the measure, much to the delight of housing and mortgage industry trade groups. “We salute the Senate sponsors of S. 1711….for taking the lead in providing for a reasonable amount of time for consumers, mortgage professionals, and other industry participants to test drive these new regulations,” said John Councilman, president of NAMB (The Association of Mortgage Professionals).
He adds, “It’s pretty clear that these very complex set of rules will cause some amount of distress for homebuyers and, while industry participants have been working overtime to be in compliance, a period of time for trial and error seems only reasonable.”
Numerous professional organizations dealing with real estate, mortgages and appraisers also support the bill. A companion measure in the House, HR 2213, has received similar industry-wide support. ##
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