The implementation of the Truth in Lending Act – Real Estate Settlement and Procedures Act Integrated Disclosure rule (TRID), which the CFPB calls the Know Before You Owe initiative, is expected to bring sweeping changes to the real estate industry. It will merge the existing HUD-1 Settlement Statement, Good Faith Estimate, and Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.
The new online tools—included in the CFPB’s “Owning a Home” website—expand on a detailed brochure about buying a home that the CFPB introduced in March, and which the agency will require lenders to give to borrowers.
The additions to the CFPB website include:
Content Courtesy of National Association of Realtors
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