CFBP shares that their mortgage initiative, Know Before You Owe, is designed to help consumers understand their loan options, shop for the mortgage that’s best for them, and avoid costly surprises at the closing table.
As part of this initiative, industry rules and regulations known as TRID were implemented in October of 2015. Since that time, title companies, lenders, and consumers have provided feedback to the CFPB on how these updated processes are working.
Over the last few weeks the newswire has been busy with commentary on the release of newly proposed rulemaking that would amend TRID. Various news sources and industry experts have been reviewing the 293 pages of information.
A press release from CFPB provides a summary of the proposed updates: CFPB Proposes Updates To “Know Before You Owe” Mortgage Disclosure Rule
Something missing from this list is an update to the way title insurance premiums are disclosed on the Closing Disclosure. In ALTA’s press release following the bureau’s announcement, they expressed their disappointment.
“Unfortunately, after nearly a year of TRID implementation, consumers around the country continue to receive unclear information about their title insurance costs at the closing table,” said Michelle Korsmo, ALTA’s Chief Executive Officer.
Another topic that has had a lot of discussion and feedback from Realtors is access to the Closing Disclosure (CD). Inman News reported, Good news, the Realtor can now access the Closing Disclosure.
While this is good news and a victory in opening lines of communication, ALTA is recommending title and escrow professionals use caution and review the lender’s closing instructions carefully. While TRID may not prohibit the sharing of this information, some lenders will. Learn more in this article from ALTA: Despite TRID Clarification, Check With Lender Before Sharing CD
The proposed rulemaking is currently in a comment period until October 18, 2016. CFBP notes that these comments will be weighed carefully before final regulations are issued.
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