The groups added that under the grace period, mortgage businesses would still be required to comply; however, relief from enforcement penalties and liability would give the industry an opportunity to test the new disclosures in good faith while providing the CFPB time to issue any necessary interpretive guidance. The groups added:
We would like to use this grace period to identify pain points with stakeholders and then meet with bureau staff to address these issues and allow the CFPB time to provide additional written guidance. [C]larification in this area will avoid undue confusion, frustration and costs for consumers.
Read the letter.