NAR: Proposed TRID changes a "significant victory"

Julie C. Nichols General

Reblogged from Housing Wire – @BrenaSwanson

The National Association of Realtors secured a victory in the changes announced Friday to the much-anticipated Consumer Financial Protection Bureau Know Before You Owe rule.

NAR first reached out to the bureau in a letter at the beginning of June that identified three issues its members were experiencing with TRID, along with suggestions to fix those issues that could be included in the coming rule adjustments.

One of those issues was on the rules around allowing lenders to share the Closing Disclosure form with “third parties” after receiving consent from the consumer.

In the letter, NAR explained that prior to the implementation of TRID, real estate agents helped their clients by answering questions about the HUD-1 form and reviewing terms agreed to in the sales contract including concessions, escrows, commissions and shares of prorated taxes.

While the form was routinely shared with agents in nearly all transactions before TRID, more than half of real estate agents surveyed said they have had “problems” getting access to the Closing Disclosure form since the implementation of TRID in October.

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