Last week, the Consumer Financial Protection Bureau (“CFPB”) published an informational guide to help settlement professionals navigating the changes that are a part of the Know Before You Owe mortgage initiative.
After months of preparation, the TRID Rule became effective last fall, with the promise to help consumers make informed decisions about mortgage choices. Since that time, the CFPB has issued multiple updates and tweaks to the rule and requirements. The CFPB has now created a unified webpage that includes a listing and explanation of what has changed and what has not changed about settlement agent responsibilities, creditor responsibilities, consumer privacy, and electronic delivery of materials. The new guide highlights and explains three areas that settlement professionals should focus on once they are selected as the settlement agent for the transaction.
In addition, the CFPB provides resources to help navigate the new disclosures and the new rule. These items include:
• Links to the CFPB implementation and guidance website,
• Information on eRegulations,
• Interactive guide to disclosure forms,
• Home loan toolkit,
• Real estate professional’s guide, and
• Links to online tools and resources for prospective homebuyers
If you have any questions, please contact us.