The Consumer Financial Protection Bureau’s new “Know Before You Owe” rule goes into effect this month. The rule marks changes to the closing process and documents, which can already be a stressful process for all involved in a property sale or purchase. However, REALTORS® have made sure they are up to speed on the process and the changes beginning this month. According to the National Association of REALTORS®, 82 percent of REALTORS® prepared for TRID by participating in some form of training, such as a webinar, class or other form of education. So while the changes don’t directly affect agents, REALTORS® are prepared to be a resource for their clients and help guide them through one of the biggest days of their lives—the day they close on their home.
Review NAR’s report, TRID: REALTORS® and the New Closing Process, to see how REALTORS® prepared for the changes. Talk to a REALTOR® in your community to see how it impacts their business and clients.