TRID (TILA-RESPA Integrated Disclosure)
On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued its final rule to integrate the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations, under the Know Before You Owe (KBYO) Mortgage Initiative. The new KBYO (or TRID) rules and forms took effect on October 3, 2015.
On July 29, 2016, CFPB released a proposed rule to amend the KBYO regulation, addressing consumer and industry issues, including NAR’s primary concern with lenders and title companies growing reluctance to share the new required Closing Disclosure with real estate professionals. Highlighting this concern, NAR submitted comments on the proposed rule.
On July 7, 2017, the Consumer Financial Protection Bureau (CFPB) released the final rule amending the “Know Before You Owe” (KBYO or TRID) mortgage disclosure rule. As advocated for by NAR, the final rule clarifies the ability to share the Closing Disclosure (CD) with third parties - a victory for real estate professionals nationwide.