When the Consumer Financial Protection Bureau (CFPB) announced several changes to the closing process that became effective in October, real estate agents and brokers had a few major concerns about the new rules. The biggest initial concern involved delays to the closing process, but after TRID (TILA-RESPA Integrated Disclosures) rules were implemented on October 1 of last year, agents realized they had an entirely different problem: They sometimes could not access certain closing documents to review with their clients, including the new Closing Disclosure (CD).
- Today, the CFPB announced proposed updates to TRID, including one that clarifies that lenders may share the Closing Disclosure with third parties.
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