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U.S. House Passes ALTA-Driven TRID Bill with Veto-Proof Majority

October 08, 2015 4:32 PM | Kathy MacAdam (Administrator)

Washington, D.C. - October 7, 2015 — The American Land Title Association (ALTA), the national trade association of the land title insurance and real estate settlement services industries, released the following statement following tonight’s passage of the Homebuyers Assistance Act, H.R. 3192, by a vote 303 to 121 in the U.S. House of Representatives:

 “Tonight’s overwhelming bipartisan and veto-proof vote shows that the House of Representatives recognizes the need for consumers to continue to receive a positive and compliant real estate transaction,” said Michelle Korsmo, ALTA’s chief executive officer. “We greatly appreciate the support of Reps. Reps. French Hill (R-AK) and Brad Sherman (D-CA) and their efforts to pass this important legislation.”

 "We urge the Senate to pass this bill immediately so that our ALTA members and the broader real estate members can focus on delivering quality service to consumers when buying a home or refinancing a mortgage. Without certainty, service providers are likely to close fewer transactions to ensure compliance with TRID, which will delay homeownership for consumers around the country,” Korsmo continued.

 “Members of the Title Action Network sent nearly 8,000 emails and letters supporting H.R. 3192. We look forward to activating our grassroots network once again to support Sens. Tim Scott (R-SC) and Joe Donnelly (D-IN) to bring S. 1711, the Senate version of H.R. 3192, to the Senate floor as soon as possible.”

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Wayne M. Stanley

Director of Public Affairs

American Land Title Association

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