I know how daunting and complicated the real estate world can seem to those who don’t live and breathe it every single day. My greatest focus as an agent is to provide clarity and guidance to all of my clients on their real estate journey. The last thing I want you to feel is overwhelmed or confused — or both!
As a buyer or seller, you don’t necessarily need to be up on all the latest changes in the real estate industry. That’s my job. But sometimes it can be helpful to have a cursory understanding of the rules and regulations that shape your experience as a real estate consumer. In that spirit, I want to let you know of some recent developments.
In June, the National Association of Realtors (NAR) sent a letter to the Consumer Financial Protection Bureau (CFPB) in which they outlined three proposed changes to the TILA-RESPA Integrated Disclosure Rule, which is commonly known as TRID or “Know Before You Owe.” The intent of TRID is to protect and educate consumers before they borrow money to purchase a home. The CFPB enacted TRID in October, and in April announced that it would be drafting new language to clarify the rule.
If you’re interested in reading all the nitty-gritty details about the NAR’s letter, you can do so here. But for this blogpost, I just want to share with you how these changes would affect you as a buyer or seller.
One of the biggest impacts to come from TRID was a change in how (or if) real estate agents were given access to the Closing Disclosure form prior to their clients closing on a real estate transaction. In the past, agents were granted access to these forms and it allowed us to review them for accuracy and to explain them to our clients. Since TRID went into effect, the industry has seen an increased number of errors on these forms. Not to mention a decreased ability to help our clients understand the forms they sign when they sit at the closing table.
For me, this is a problem. I want to make sure the details of your real estate transaction are correctly reflected in your official documents, and I want to be able to answer any questions you might have about those documents. After all, a real estate transaction is a big deal!
On July 29, CFPB’s response to NAR’s letter implemented these beneficial changes. You can read more about this here. I’d be happy to discuss this — or any other real-estate-related question — with you. Just let me know. As always, I’m here to help.