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

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