In his semi-annual testimony before the House Financial Services Committee on Tuesday, CFPB director Richard Cordray said that the Bureau would take a diagnostic and corrective approach to those attempting to comply with the TILA-RESPA Integrated Disclosure Rule for an indefinite period following the rule's effective date of October 3. Cordray said he was pushing to make an announcement along those lines before the rule takes effect on Saturday.
Cordray noted that there was a lot of quote, angst, among market participants as the TRID effective date approaches. Responding to a question from Representative Brad Sherman, a Democrat from California, about a grace period, Cordray said, quote, Nobody believes that the market participants are trying to abuse consumers here. They're just trying to change their systems and get it right. It will be diagnostic and corrective, not punitive, and there will be time for them to get it right and not have to be perfect on the first day. Close quote.
June 2015 marked the 30th consecutive month of year-over-year declines in the share of all home sales that were cash transactions, according to data released by CoreLogic on Tuesday. Cash sales comprised 31 point 3 percent of all home sales nationwide in June, down by more than two and a half percentage points from a year earlier, when the cash sales share was 33 point 9 percent. The cash sales share has declined by more than a third since reaching its peak of 46 point 5 percent in January 2011.