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NAR recently joined an industry coalition letter, along with a dozen other groups including the Mortgage Bankers Association (MBA), the Real Estate Service Providers Council (RESPRO), and the American Land Title Association (ALTA), to encourage Senators to weigh in with the new Director of the Bureau of Consumer Financial Protection on regulatory clarifications to the Know Before You Owe integrated mortgage disclosure rule (TILA-RESPA or TRID).
The Know Before You rules went into effect in 2015, but adoption has not been without hurdles. The Bureau has implemented several subsequent rulemakings as a result, however, outstanding issues related to the accurate disclosure of title insurance premiums and potential available discounts to homeowners remain. The coalition letter is part of an ongoing strategy, including legislation that stalled in the Senate, to address this fix for consumer transparency.
NAR continues to advocate for necessary clarity on the Know Before You Owe rule and will maintain engagement on these important issues with the Bureau and the new incoming Congress.