RE/MAX Applauds Move Providing Homebuyers Less Disruption

CFPB Allows Grace Period for New Rule Rollout

June 04, 2015 // // DENVER – Today, the Consumer Financial Protection Bureau (CFPB) announced that it will be “sensitive” to the good-faith efforts of lenders implementing the new Truth-In-Lending and Real Estate Settlement Procedures Integration Disclosure (TRID) regulations set to take effect on August 1.

CFPB Director Richard Cordray made the announcement in a letter delivered to Congress this morning. He stated that the CFPB “approach is intended to ease concerns we have heard about this transition to new processes in the coming months . . . and that we listen closely and consider carefully how we can best address the issues you raise as we all pursue this important advance in consumer protection . . .”

Cordray was responding to a letter he received last week from a bipartisan group of over 250 members of Congress, who felt that the industry did not have sufficient time to properly test new procedures that will impact every mortgage application and real estate closing.

RE/MAX CEO, Chairman and Co-Founder Dave Liniger also had a personal letter delivered to Director Cordray last month requesting a grace-period in the name of all the homebuyers impacted by such sweeping industry changes.

“We are very grateful to the CFPB and Director Cordray for responding favorably to our serious concerns from a real estate perspective,” said Liniger. “And we’re glad they recognized the huge impact this will have on consumers at a peak time in the home-buying season. A good-faith grace period will provide a much smoother transition and benefit everyone involved.”

The 1,100-page TRID rule was first published by CFPB in November 2013 and an August 1, 2015 date was set for implementation. As a direct result of the Dodd-Frank Act, the TRID rule seeks to protect consumers from predatory lending practices and provide clear disclosures on the mortgage borrowing and closing process.

The new TRID rules are still set to take effect with all new mortgage applications taken beginning on August 1. Mortgage lenders and closing service providers will employ new forms, timelines and processes to meet the TRID requirements. Initially, CFPB expects lenders to make a good-faith effort to comply.

About the RE/MAX Network

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Over 100,000 agents provide RE/MAX a global reach of nearly 100 countries. Nobody sells more real estate than RE/MAX.

RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, is a wholly-owned subsidiary of RMCO, LLC, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE:RMAX).

With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $150 million for Children’s Miracle Network Hospitals® and other charities.

For more information about RE/MAX, to search home listings or find an agent in your community, please visit

For the latest news about RE/MAX, please visit





comments powered by Disqus

Franchise News Room »

News By Industry »

Featured Opportunities

Elements Massage
When simplicity is the essence of your business model, clients and owners benefit. Clients want a predictably wonderful experience with every visit....
CycleBar®, the only luxury boutique fitness franchise in the market today. CycleBar® unites you with riders of all ages and fitness levels by...
Anytime Fitness
Align with the world leader in fitness. Recurring-revenue business model, multi-club ownership potential. Don’t just join a franchise, join a...
Poke Burri
Poke Burri is a Georgia-based restaurant company that provides a healthy and delicious dining experience focused around the popular dish, known as...
Kona Ice
We have a question for you. What determines the success of a franchise? Is it luck? Coincidence? Kona Ice was ranked #1 New Franchise in Entrepreneur...
Share This Page

Subscribe to Express

A Franchise Update Media Production
Franchise Update Media
P.O. Box 20547
San Jose, CA 95160
PH. (408) 402-5681
In Loving Memory Of Timothy Gardner (1987-2014)

Copyright © 2001 - 2018.
All Rights Reserved.