I know that everyone in the mortgage industry is focused on the new TILA RESPA Integrated Disclosure (TRID) regulations, also known as Know Before You Owe, that will go into effect on October 3, 2015. Rightfully so. The Know Before You Owe regulations, and the accompanying new forms that borrowers will get at application and closing, will undoubtedly have a significant impact on the home buying process for consumers and lenders alike.
Because these regulations will require new mortgage disclosure forms and will change the way that real estate transactions are processed and closed, MBA created a set of resources designed to assist consumers and the broader real estate community in plain, easy-to-understand language, to educate homebuyers and mortgage professionals on the upcoming changes.
The resources include:
- A fact sheet for consumers that gives an overview of changes to the settlement process
- A fact sheet for mortgage professionals that gives an overview of changes to the settlement process, and
- A PowerPoint slide deck targeted that lenders can customize and use for in-depth presentations with real estate agents and brokers.
MBA worked hard with stakeholders to ensure that the new TRID regulations do not create undue burdens, and we hope these resources will help consumers and mortgage professionals understand how the changes will affect home purchases. To view MBA’s Know Before You Owe resources click here.