The Consumer Financial Protection Bureau (CFPB) announced in a letter to industry partners that it is drafting a notice of proposed rulemaking (target date of July) on the Know Before You Owe rule, also known as “TRID” to make some changes in the current regulations. We have been working hard to understand and implement the rules correctly, and many questions have arisen. Until now, the CFPB has provided only informal guidance to the industry through webinars and phone calls. The REALTOR association has urged the CFPB to draft written clarification on a number of issues, and we are hopeful that many of our questions will be addressed in this new rulemaking. The National Association of REALTORS President Salomone made the following statement:
“The real estate industry has responded well to the implementation of “Know Before You Owe,” but there’s still work ahead. Today’s announcement from the CFPB is a recognition that there are lingering challenges to address, and I appreciate Director Cordray’s commitment to hearing those concerns.
“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.
“We look forward to addressing remaining TRID-related concerns as part of the rulemaking process in the months ahead and thank the CFPB for an opportunity make the Realtor® voice heard on this issue.”
For further information and updates on the Know Before You Owe/TRID rules, please visit: