When the real estate industry was preparing for TRID — the new set of disclosure rules outlined by the Consumer Financial Protection Bureau (CFPB) — closing delays were the biggest industry concern. And although the delays have been widely reported, there’s something else real estate agents and brokers have discovered: They aren’t getting access to the Closing Disclosures sent to buyers.
- As predicted before implementation, TRID appears to have delayed closings.
- Real estate agents and brokers aren't getting access to the Closing Disclosures sent to buyers, and brokerage forms attempting to give agents permission to access the Closing Disclosures are not always up to snuff.
- Still to be determined is the extent to which the CFPB will investigate and prosecute anyone who may have run afoul of the new regulations.