Know Before You Owe - A.K.A. TRID
In November 2013, the Consumer Financial Protection Bureau (CFPB) integrated the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations. Any transaction involving a mortgage must use new CFPB disclosure forms. The new TRID forms were scheduled to be implemented on August 1, 2015. However, on July 21, 2015 the Consumer Financial Protection Bureau officially announced that the effective date of the implementation of the rule was delayed until October 3, 2015.
The CFPB understands that the real estate professional is a trusted resource for people choosing to buy a home and that the new rules will change the home buying experience. They have provided on line tools to help the real estate professional understand the new TILA-RESPA Integrated Disclosure (TRID) rule and how to explain those changes to their clients.
The "Know Before You Owe" mortgage initiative is designed to empower consumers with the information they need to make informed mortgage choices. It includes the implementation of the TILA-RESPA Integrated Disclosure rule, which is often referred to as “TRID.”
Read the CFPB press release
Posted on Wed, August 19, 2015
by Mike Fair