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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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Empire State housing market stays hot in January

New York State home sales remained strong to start the new year with 8,698 closed sales, falling just shy of the 2017 record for January, according to the annual housing market report released by the New York State Association of REALTORS. The January statewide median sales price of $266,000 represented an increase of 8.4 percent from a year ago. Click here to read more.