The following is a statement by National Association of REALTORS® President Tom Salomone in response to the Consumer Financial Protection Bureau’s letter announcing a Notice of Proposed Rulemaking to bring further clarity to and improve upon the TILA-RESPA Integrated Disclosure rule that went into effect in October of 2015:
“The real estate industry has responded well to the implementation of ‘Know Before You Owe,’ but there’s still work ahead. Today’s announcement from the CFPB is a recognition that there are lingering challenges to address, and I appreciate Director Cordray’s commitment to hearing those concerns.
“REALTORS® continue to report issues in the post-TRID environment with gaining access to the Closing Disclosure, despite years of access to the substantively similar HUD-1. NAR remains committed to ensuring REALTORS® have access to the CD so they can put their expert advice to work guiding clients throughout the home buying process uninterrupted from beginning to end.
“We look forward to addressing remaining TRID-related concerns as part of the rulemaking process in the months ahead and thank the CFPB for an opportunity make the REALTOR® voice heard on this issue.”
Source: NAR Newsline