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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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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.