REALTORS® Prepare for October Closing Document Changes

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.

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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.

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