Whether you are a Home Buyer or Home Seller, You need to know about the New CFPB Rules coming on 10/03


buysell

As a consumer, if you are in the Real Estate Market for either selling or buying a home, then you need to know there are changes coming effective 10/03/15. These changes will modify the traditional way that loan and closing disclosures are handled in a Real Estate transaction.

Here are some common questions that will be useful in clarifying the changes.

  • Who is administering and managing these changes?

The regulatory agency administering and managing these changes is the Consumer Financial Protection Bureau (CFPB).

  • What does TRID stand for?

TRID stands for Tila Respa Integrated Disclosures.

  • Where can I get more information about the changes?

The CFPB has established a website for Consumers to Know Before You Owe mortgages. This website also further explains and demonstrates the “Old” and “New” disclosures.

  • What are the specific changes to Regulation X and Z?

To see the specific changes to Regulation X (Real Estate Settlement Procedures Act) and Z (Truth in Lending Act), visit the CFPB TILA-RESPA rule page.

  • When are these changes taking place?

The CFPB has mandated these changes take place on October 3rd, 2015.

  • How will this affect me?

The attached summary outlines some of the ways this is expected to affect you, the consumer. Download Summary

  • Why are these changes coming?

These changes are coming because Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directed the Bureau to publish rules and forms that combine certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act and the Real Estate Settlement Procedures Act.

Do you have any questions or comments? Please let me know!


About Erika Lewis

Mother, Wife, Blogger, REALTOR® & Real Estate Professional in Atlanta. Allow me to connect you with a Top REALTOR®/Real Estate Agent in your local market. Contact me today! [email protected]