Whether you call it “Know-Before-You-Owe,” TRID, or the TILA-RESPA Integrated Disclosure, the Consumer Financial Protection Bureau’s new rule goes into effect soon.
On October 3, big changes kick into gear that will change some key components of the closing process.
The National Association of Realtors® has been working hard to communicate the changes to its members and help provide tools to get them ready. Additionally, the CFPB launched its “Real Estate Professional’s Guide” to TRID on August 14, offering another opportunity for Realtors® to get up to speed.
Now, NAR Research is out with a member survey showing what Realtors® are doing to get ready and how they feel about their level of preparedness.
NAR’s survey found that more than 80 percent of respondents had taken some form of training on TRID, and more than half of respondents said they will alter their purchase agreements to include a longer time horizon.
In addition, a strong majority of REALTOR® members — 71.2 percent — rated their level of preparedness as average or better.
The countdown to “Know-Before-You-Owe” is underway, and the work to prepare continues. Keep watching!