CFPB Launches online toolkit to help REALTORS explain the new mortgage rules going into effect Oct. 3
The Consumer Financial Protection Bureau (CFPB) has released a new online toolkit to help real estate professionals understand the new TILA-RESPA Integrated Disclosure (TRID) rule and how to explain those changes to their clients.
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 Oct. 3 and offers tools that real estate professionals can provide their clients about “Know Before You Owe.” The goal of CFPB’s campaign is to empower consumers with the information they need to make informed choices.
The CFPB realizes that real estate agents (and REALTORS in particular) are trusted, consumer-friendly resources for people choosing to buy a home. Therefore, the National Association of REALTORS (NAR) has established a strong cooperative relationship with the CFPB to communicate the resources available to REALTORS, and ultimately engage consumers and guide them through the new process. NAR continues to work with CFPB to address the impact TRID will have on closings.
For additional information on the TILA-RESPA Integrate Disclosure Rules, click here.