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). On June 7, the National Association of Realtors (NAR) wrote a letter to the CFPB asking for a number of changes to TRID. "First up on NAR’s wish list is fixing what is probably the biggest complaint agents have about an unintended consequence of TRID," wrote Inman reporter Amy Swinderman in June. "Prior to TRID being enacted, real estate agents reviewed the HUD-1 with their clients to answer common questions about t...
- 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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