While the effective date for the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule has been extended until October 3, 2015, real estate industry experts are encouraging their colleagues to use the new deadline as a time to prepare. In an effort to assist real estate professionals in educating their clients about the Know Before You Owe initiative, and to help them ensure smooth and timely closings, the Consumer Financial Protection Bureau’s (CFPB) has introduced their real estate professional’s guide.
Available online, the tool points out five key areas real estate professionals can focus on to help prepare their clients. The tool also reviews the new Loan Estimate and Closing Disclosure forms that will go into effect October 3rd, and gives an outline of seven steps in the closing process that real estate professionals should stay on top of. To view the CFPB’s real estate professional’s guide, visit http://bit.ly/1UR6qNg.