TRID: Expectations And Reality
Real estate brokers and agents know that regulations that govern home sales change frequently, making it crucial to remain informed. It is equally important for consumers to become educated on the changing laws if they will be buying or selling a home in the near future.
One year ago, the Consumer Financial Protection Bureau (CFPB) implemented the TILA-RESPA Integrated Disclosure rule (TRID). These regulations impact real estate transaction several ways. Read on to discover how TRID is affecting home closings.
What TRID Was Designed To Do
When the CFPB announced the new regulations, many real estate professionals expressed concerns about the law. The original purpose of TRID was to streamline the mortgage process while providing consumers with the ability to evaluate mortgage products prior to signing a deed of trust or note.