Real estate agents and Realtors who don’t know what to expect from the Know Before You Owe mortgage initiative have a new tool courtesy the Consumer Financial Protection Bureau.
The new rules taking effect won’t just affect lenders, but pretty much every profession in the real estate chain.
The CFPB is offering a guide to explain the new TRID rule here.
“The Know Before You Owe mortgage initiative is designed to empower consumers with the information they need to make informed mortgage choices. It includes the implementation of the TILA-RESPA Integrated Disclosure rule,” the site says.
The CFPB site says that the new rule primarily does two things:
- It simplifies and consolidates some of the required loan disclosures, and
- It changes the timing of some activities in the mortgage process.
The CFPB says it designed the guide for professionals to help them “work with your clients to ensure smooth and on-time closings.”