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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 home sales stay at elevated level during April

Against the backdrop of fewer homes on the market, homebuyers in New York State closed 8,640 sales during April, falling only 2.6 percent from April 2017. The median sales price growth trend continued, increasing by nearly 12 percent compared to last April to reach $260,000 for the month. Click here to read more.