The Financial Institutions and Consumer Credit Subcommittee heard testimony regarding the TRID Improvement Act of 2017, a bill introduced by Rep. French Hill (R-Ark.) that would amend RESPA and the Truth in Lending Act to expand the period where a creditor is allowed to cure a good-faith violation on a Loan Estimate or Closing Disclosure from 60 to 210 days after consummation.
During the question and answer portion of the hearing, Rep. Keith Ellison (D-Minn.) expressed concerns about the expanded period, asserting that it would create less incentive for lenders to correct mistakes quickly.
Find out why Hill proposed to expand the timeframe from two to seven months.
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