Consumers stand to win big with proposed ‘Know Before You Owe’ rule

This past week, the National Association of REALTORS® announced that the Consumer Financial Protection Bureau has proposed a new rule that will benefit consumers, sellers and their agents in the closing process.

In the announcement, NAR President Tom Salomone stated, “Realtors® have reported challenges gaining access to the Closing Disclosure ever since TRID went into effect, despite a long history of access to the substantively similar HUD-1 that is replaced. Today the CFPB acknowledged that concern by making it clear that it is appropriate and accepted for creditors and settlement agents to share the CD with consumers, sellers and their real estate agents.

“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.”

You can read the full NAR press release here:

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