Monday marked an important anniversary in the industry, though it's doubtful that any real estate offices busted out the champagne to celebrate a controversial 1,800-page, sweeping reform of the mortgage transaction process that took effect on Oct. 3, 2015. Nevertheless, the National Association of Realtors (NAR) polled about 55,000 Realtors about their post-TRID experiences, in honor of TRID's first birthday. The survey (to which about 2,300 Realtors responded) revealed that one year since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID), or "Know Before You Owe," rule, consumers have a better understanding of the homebuying process. However, real estate agents still struggle to comply with the complex landmark regulation. “Looking back at the first year of Know Before You Owe, we saw a solid mix of challenges and success,” said NAR President Tom Salomone in a statement. “Consumers now have a cl...
- One year after TRID's implementation, the National Association of Realtors surveyed its members about their experiences with the regulation.
- Consumers have a better understanding of the homebuying process thanks to TRID, though real estate agents still struggle with the rule's complexity, according to the poll.
- The main challenge from the regulation’s inception has been Realtors’ ability to access the Closing Disclosure.