NEW YORK – Sept. 11, 2015 – On Oct. 3, the rules change for homebuyers who take out a mortgage. While they’ll receive easier-to-understand forms explaining the financial process, the change has created software and procedural problems for lending firms and title companies.
To help consumers and Realtors understand the new process, the Mortgage Bankers Association (MBA) created a set of online resource guidelines about the new Know Before You Owe regulations, which are also called the TILA RESPA Integrated Disclosure (TRID) regulations.
MBA says the new forms will help educate consumers, industry partners and service providers. By doing so, MBA hopes the information will help speed the transaction process.
“MBA has worked closely with the CFPB (Consumer Financial Protection Bureau) to create these materials, so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process,” says MBA President and CEO David Stevens. “Our industry has been preparing for these changes over the last several months, and we are confident that everyone involved in the closing process will benefit as a result of these new rules.”
The resources are comprised of several documents designed to assist consumers and the broader real estate community in plain, easy-to-understand language. They include:
The MBA brochures compliment a CFPB initiative to help the real estate industry. More information can be found on CFPB’s website.
© 2015 Florida Realtors®
Source: Florida Realtors Feed