Closing Archive

NAR Weighs In On ‘Know Before You Owe’ Fixes

This week marked the deadline for comments on the Consumer Financial Protection Bureau’s proposed fixes for the ‘Know Before You Owe Rule,’ and National Association of Realtors® President Tom Salomone weighed in to highlight Realtors®’ concerns. In a letter to...

Salomone: PHH Decision Offers “Much-Needed Clarity”

In a decision that has the potential to change the landscape on marketing service agreements between a real estate brokerage and settlement service providers, the DC Court of Appeals ruled today that payments for bona fide services provided and made...

Realtors® Mark Know Before You Owe Anniversary with Survey Showing Challenges Remain:

The Consumer Financial Protection Bureau’s “Know Before You Owe” rules went into effect one year ago today, and according to fresh survey data from the National Association of Realtors®, there’s still work ahead to get it right. “Looking back...

Salomone: CFPB Recognizes “There are Lingering Challenges to Address”

WASHINGTON (April 29, 2016) — The following is a statement by National Association of Realtors® President Tom Salomone in response to the Consumer Financial Protection Bureau’s letter announcing a Notice of Proposed Rulemaking to bring further clarity to and...

In Depth: CFPB’s Homebuyer’s Toolkit

 The Consumer Financial Protection Bureau unveiled updates to its “Owning a Home” toolset for consumers last week at an event in the Washington, D.C. office of the National Association of Realtors®. According to the CFPB, the new tools “help...
September 21, 2015

CFPB Joins NAR to Roll Out ‘Know Before You Owe’ Online Tools

In just a few short weeks, the TILA-RESPA Integrated Disclosure, or TRID, goes into effect. In advance of these changes – which are part of the Consumer Financial Protection Bureau’s Know Before You Owe initiative – CFPB Director Richard...
September 17, 2015

NAR Surveys Members On TRID Preparedness, Training:

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...
September 1, 2015

New tool to help REALTORS® prepare for TRID

As questions continue to swirl about what exactly the TILA-RESPA Integrated Disclosure rule will mean for the real estate industry, the Consumer Financial Protection Bureau is taking steps to provide additional information to real estate professionals. Today, the CFPB...
August 14, 2015

It’s official! TRID implementation moved to October 3:

In case you missed it, the Consumer Financial Protection Bureau announced this week that the proposed TILA/RESPA Integrated Disclosure, or TRID, will go into effect on October 3, rather than the originally-scheduled August 1 deadline. That’s great news. NAR...
July 23, 2015

Wondering what TRID means for closings? Get informed!

The TILA-RESPA Integrated Disclosure is coming soon. The HUD-1, Good Faith Estimate, and Truth in Lending Act disclosures are going away, and a new Loan Estimate and Closing Disclosure will take their place. If you have questions about what...
July 14, 2015