New Realtor “Know Before You Owe” Guide

house.1jpgThe Consumer Financial Protection Bureau (CFPB) has launched a suite of web-based materials designed specifically for real estate professionals to understand the “Know Before You Owe” mortgage disclosure (TILA-RESPA Integrated Disclosure) rule. The materials provide an overview of the revised disclosure process including an explanation of the three day waiting period between receipt of the Closing Disclosure and consummation, a quick look at the new disclosures, a summary of what has and has not changed, an explanation of last minute changes that could cause a delay in closing and tips for smooth and on-time closings. The guide is provided only electronically on the CFPB website here.


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