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Need to Know: "Know Before You Owe"

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The title industry has been bracing for the roll-out of the Consumer Financial Protection Bureau's (CFPB) "Know Before You Owe" mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosures rule (TRID)

CFPB_know_before_you_owe

How does the CFPB's regulations affect the title insurance industry and home buyers?

Here a two things to be aware of:

1.Monday, CFPB pushed back the effective date by two whole months, to October 3, 2015.

In a press release, the bureau says that giving the extra time would help both "industry and consumers with a smoother transition to the new rule."

Under TRID,  mortgage disclosure forms are supposed to be easier-to-use and clearly lay out the terms of a mortgage for a homebuyer.

The plan to put the effective date on a Saturday was strategic. The bureau says it would give industry folks time over the weekend to launch and test new systems. You can read the final ruling here.

2. CFPB will also be holding a forum on Know Before You Owe eClosings coming up August 5 at 1 pm

The forum will have CFPB's director Richard Cordray and feature a panel discussion with consumer groups, industry reps, and members of the public.

For those of you in Florida who couldn't possibly make it to D.C., don't worry. 
They will live-stream the whole thing on their blog

Stewart Title has a handy video on  how Know Before You Owe impacts title agencies.

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About Author

Lindsey Gordon
Lindsey Gordon

Lindsey Gordon is the content strategist and video producer at PropLogix. She loves using video and digital media to help educate the title industry and help clients and give the world a glimpse of what it's like to work at PropLogix.

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