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Rules for sharing mortgage closing disclosure forms clarifiedRules for sharing mortgage closing disclosure forms clarifiedhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=140272016-08-02T05:00:00Z2016-08-02T15:00:00Z

​​​​WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) last week clarified rules regarding the sharing of mortgage closing disclosure (CD) forms.

Since the October 2015 implementation of the CFPB's "Know Before You Owe" mortgage initiative, real estate agents have expressed challenges in gaining access to CD forms. The forms are delivered to homebuyers before closing and contain important financial information related to the purchase.

"Unfortunately, many lenders have chosen to withhold this document from real estate agents since Know Before You Owe went into effect, despite a longstanding tradition of sharing similar information," according to a press release issued by the National Association of Realtors.

CFPB released a statement last week saying "the Bureau understands that it is usual, accepted and appropriate for creditors and settlement agents to provide a closing disclosure to consumers, sellers, and their real estate brokers or other agents."

National Association of Realtors®
U.S.
Housing
http://www.realtor.org/news-releases/2016/07/consumers-stand-to-win-big-with-proposed-know-before-you-owe-rule-coming-their-wayRead more at {Source}

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