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NAR to CFPB: Give us access to the Closing Disclosure

Association asks bureau to add clear, written guidance in new TRID rule to address some of its unintended consequences and varied lender interpretations
  • NAR has written a letter to the CFPB asking the bureau to give real estate agents access to the Closing Disclosure.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

When the new disclosure rules were rolled out in October of last year, the biggest concern in the real estate industry was that the TRID (TILA-RESPA Integrated Disclosures) rule would delay closings, causing snafus in buyer and seller timelines. However, a more significant problem for real estate agents has since emerged: Getting access to the Closing Disclosure (CD). Now, the National Association of Realtors (NAR) has outlined the real estate segment’s wish list of changes to the complex rule -- including easing that particular pain point for agents. NAR sent a letter to the Consumer Financial Protection Bureau (CFPB) with an array of suggestions. TRID, take 2 The CFPB announced in April that it has “begun drafting a notice of proposed rulemaking on TRID,” or the “Know Before You Owe” rule, as the bureau prefers to call it. The proposed rule, which the CFPB expects to release in late July, will address “places in the regulation text and commentary where adjustme...