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REALTORS propose TRID changes

Jun 14, 2016

In a recent letter to the Consumer Financial Protection Bureau, the National Association of REALTORS proposed three changes to TRID in the coming rule adjustments. First, NAR asked the CFPB to clarify the rules around allowing lenders to share the closing disclosure form with "third parties" after receiving consent from the consumer. REALTORS have reported problems in getting access to the form. NAR urged the CFPB to provide some clarity on whether lenders can "re-baseline costs" on  the form after it has gone out to the consumer to reflect a "valid change in circumstance and give more information on the time frames that are allowed for these changes." NAR also urged the CFPB to extend post-consummation timelines to correct minor TRID errors to 180 days. Learn more here.

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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.