Nation: CFPB Clarifies TRID

NAR has been actively monitoring the implementation of the “Know Before You Owe” also known as the TILA-RESPA Integrated Disclosure rule by the Consumer Financial Protection Bureau (CFPB). Feedback from REALTORS across the nation highlighted the reluctance of lenders to share the new mandated Closing Disclosure (CD) with real estate professionals. Lenders have been refusingContinue reading “Nation: CFPB Clarifies TRID”

Nation: NAR Wants TRID Guidance

On June 7, 2016, NAR sent a letter to the CFPB asking the Bureau to issue specific written guidance on the Know Before You Owe regulation, or “TRID,” in its upcoming Notice of Proposed Rulemaking.  Reliable, written guidance is critical for effective implementation of the rule.  NAR urged the Bureau to 1) clarify that lenders canContinue reading “Nation: NAR Wants TRID Guidance”

REALTORS ASK CFPB for Grace Period

The National Association of REALTORS and its industry allies have asked the Consumer Financial Protection Bureau to implement a grace period for compliance with new rules for loan closing procedures and settlement documents. The Real Estate Settlement Procedures Act and Truth in Lending Act integrated disclosure rule is set to take effect August 1. WhenContinue reading “REALTORS ASK CFPB for Grace Period”

RESPA/TILA Webinar

A NAR webinar that covers changes to Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) under the Dodd-Frank Wall Street Reform and Consumer Protection Act is available online. The new rule combines the Good Faith Estimate with the Truth in Lending (TIL) disclosure now called the “loan estimate” and theContinue reading “RESPA/TILA Webinar”