The Consumer Financial Protection Bureau (CFPB) has proposed four amendments to the Know Before You Owe mortgage disclosure rule. In particular, they are seeking comment from various stakeholders in regards to what consumer information is permissible to share between the lender and the third parties in a transaction. The CFPB stated, “The Bureau understands that it is usual, accepted, and appropriate for creditors and settlement agents to provide a closing disclosure to consumers, sellers, and their real estate brokers and other agents.”
In response to the latest amendments, the National Association of Realtors President Tom Salomone stated, “This is a significant victory that will help Realtors® continue to provide the expert service their clients have come to expect. We appreciate the CFPB’s willingness to reconsider the TRID-related challenges our members face and will continue to monitor the progress on this important issue in the months ahead.”
The CPFB has invited the public to comment on their proposed amendments by October 18, 2016 at which time they will carefully weigh the feedback they receive before finalizing the regulations. Learn more at http://bit.ly/2aQ4XZg.