Starting on Oct. 3, some new rules from the Consumer Financial Protection Board will change the home buying process. As your trusted real estate professionals, we want you to know that we’re here to help educate and prepare you for these industry changes. Our goal is to keep the home buying process smooth and efficient for our clients.
Overview of the Changes
The Consumer Financial Protection Board created the changes to make shopping for, and comparing mortgage offers, easier for consumers. The goal is to keep home buyers safe by making the mortgage process more transparent and easy to understand. Officially known as the TILA-RESPA Integrated Disclosure Rule (TRID), the CFPB refers to the new initiative as the Know Before You Owe initiative.
A new Loan Estimate Form replaces the Good Faith Estimate Form. The new form has alphabetized categories to make it easier for the borrower to compare estimates from multiple lenders. Lenders are now required to provide you with a loan estimate within three days, and that estimate is good for 10 days. If the consumer responds within 10 days, the lender may not raise any fees.
We’re Here to Help
We understand that you may have questions regarding the new TRID (TILA-RESPA Integrated Disclosure) Rule, so we wanted to share the SFPB’s suite of online tools that help walk you through the new mortgage disclosures, explains closing paperwork, and helps you financially prepare for a home purchase. You may access their online tools by clicking Owning A Home.
We value your friendship, business and support. We are always here to help. We’re happy to have a candid conversation about how these new rules will impact your personal home buying or selling process. Please give us a call at 410.785.5889 today!
Laura & Lisa Kittleman, REALTORS