On April 28, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it is drafting a notice of proposed rulemaking on the Know Before You Owe rule, also known as “TRID.” Since the rule went into effect on October 3, 2015, the industry has been working hard to understand and implement the rule which replaced the Good Faith Estimate and the HUD-1 with a Loan Estimate (LE) and a Closing Disclosure (CD). While the CFPB has provided informal guidance to the industry through webinars and phone calls, NAR has urged the CFPB to provide additional clarification in writing.
NAR supports the announcement saying there are still challenges to address. For example, Realtors continue to report issues in the post-TRID environment with gaining access to the Closing Disclosure, despite years of access to the substantively similar HUD-1. NAR remains committed to ensuring Realtors have access to the CD so they can put their expert advice to work guiding clients throughout the homebuying process uninterrupted from beginning to end.
For further information and updates on the Know Before You Owe/TRID click here
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