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CFPB clarifies lenders' ability to share ‘closing disclosure’ form

Aug 02, 2016
Earlier this year, the Consumer Financial Protection Bureau (CFPB) announced that it was considering changes to the "Know Before You Owe" mortgage initiative – also known as the TILA-RESPA Integrated Disclosure (TRID) – which includes a clarification of the rules regarding sharing the “closing disclosure” (CD) form. Unfortunately, many lenders have chosen to withhold this document from real estate agents since "Know Before You Owe" went into effect. The CFPB is now making good on its promise when it announced a proposed rule on TRID, and stated in their announcement that, “The Bureau understands that it is usual, accepted and appropriate for creditors and settlement agents to provide a closing disclosure to consumers, sellers and their real estate brokers or other agents.” More on this can be found 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.