WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the National Association of Realtors (NAR) have rolled out online tools to help consumers better understand "Know Before You Owe," an initiative that requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer.
As part of the initiative, the Truth in Lending Act—Real Estate Settlement and Procedures Act Integrated Disclosure rule (TRID) will integrate existing closing disclosures with new requirements from the Dodd-Frank Act.
The new tools are intended to improve consumers' understanding of the mortgage process, assist in comparison shopping and help prevent surprises at closing. The kit offers a guide to the new mortgage closing forms, a closing factsheet, a disclosure timeline and educational videos.
Know Before You Owe goes into effect October 3.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.