Washington Report

Advocacy Updates from Washington D.C.

NAR CFPB Letter on TRID

On June 7, 2016, NAR sent a letter to the CFPB asking the Bureau to issue specific written guidance on the Know Before You Owe regulation, or “TRID,” in its upcoming Notice of Proposed Rulemaking.  Reliable, written guidance is critical for effective implementation of the rule.  NAR urged the Bureau to 1) clarify that lenders can share the Closing Disclosure (CD) with third parties if the lender receives a consent form from the consumer, 2) provide additional guidance to lenders about revising the CD to reflect changes in circumstances, and 3) extend post-consummation timelines to correct minor Know Before You Owe errors.

For further information and updates on the Know Before You Owe/TRID rules go to www.realtors.org/respa.

NAR Letter to the CFPB

Advertisement