As part of the CFPB’s larger mortgage initiative campaign called “Know Before You Owe”, the “Real Estate Professional’s Guide” explains the new changes coming to the home buying process on October 3 and offers tools that real estate professionals can provide their clients about the “Know Before You Owe” campaign. The goal of “Know Before You Owe” is to empower consumers with the information they need to make informed choices. Since real estate professionals are trusted resources for people choosing to buy a home, the CFPB reached out to NAR for their guidance and feedback on this new online toolkit and the resources available for consumers. NAR continues to work with CFPB to address the impact TRID will have on closings.
It simplifies and consolidates some of the required loan disclosures, and
It changes the timing of some activities in the mortgage process.
► Smooth and on-time closings
► New disclosures streamline the process
► Learn what has and hasn’t changed about the mortgage process
► Extra three-day reviews are unlikely
► Share CFPB resources with your clients