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DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 15, 2015
With the Oct. 3 'Know Before You Owe' mortgage initiative approaching, the Mortgage Bankers Association (MBA) launched a set of resource guidelines last week that seeks to educate consumers and lenders, as well as their business partners needing to comply with the new TILA-RESPA Integrated Disclosure (TRID) regulations.
NAR Has You Covered
These new mortgage rules are expected to have sweeping changes across the industry by merging the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.
The new resources from MBA seek to help educate consumers, industry partners and service providers be better prepared, and to speed the process of their transactions.
A recent survey from NAR revealed that many real estate agents are already making steps to be prepared to these changes; more than 80 percent of respondents said they've taken some form of closing process training, and 71 percent of REALTOR® members rated their level of preparedness as average or better.
"MBA has worked closely with the CFPB 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 David Stevens, MBA President and CEO. "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."
Their resources include:
- Consumer One-Pager - This contains information for consumers covering the changes of 'Know Before You Owe'.
- Lender One-Pager - Intended for real estate agents and broker partners, this information also covers the changes brought by 'Know Before You Owe'.
- PowerPoint Slide Deck - Real estate agents and broker partners can use these materials in presentations with colleagues.
To download these documents from MBA's website, please click here.
Source: Mortgage Bankers Association
An Expert In Your Court
Robert De La Rosa
"CALL NOW 909.271.5640"
"Get Qualified Now By A Loan Professional"
Robert De La Rosa
"CALL NOW 909.271.5640"
"Get Qualified Now By A Loan Professional"
Coldwell Banker Town & Country
501 W. Redlands Blvd
Redlands CA, 92373
501 W. Redlands Blvd
Redlands CA, 92373
CalBre 01435824
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