The Housing and Insurance subcommittee of the House Financial Services Committee has scheduled a hearing this afternoon titled "TILA- RESPA Integrated Disclosure (TRID): Examining the Costs and Benefits of Changes to the Real Estate Settlement Process." According to the hearing memorandum, the hearing will provide members with a better understanding of the new TRID and testimony "will focus on the impact of TRID on the real estate market, implementation and compliance costs associated with TRID, and a comparison of those costs to the benefits consumers and industry participants are expected to derive from the rule."

However, as reported here earlier this week, it appears that the hearing is actually laying groundwork for delaying enforcement of TRID implementation until January 1, 2016.

There have been no prepared remarks from witness made available, but in advance of the hearing Richard J. Andreano, Jr. published an analysis in Ballard & Spahr's CFPB blog of some of the concerns the industry appears to be raising as they prepare for implementation. He used as a basis a statement made by Richard Cordray, CFPB Director, to the National Association of Realtors (NAR) on Tuesday to suggest that Cordray "may not fully appreciate the implications" of the TRID rule.

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