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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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NYS home sales post second-highest May total

Homebuyer activity remained strong in May, driving the New York State housing market to the second-highest sales total for the month with 10,348 closings. May 2018 closed sales were 8.6 percent lower than the record of 11,322 set in May 2017. The median sales price growth trend continued, increasing by 11.5 percent compared to last May, ending the month at $262,000. Click here to read more.