Know Before You Owe mortgage initiative
Real estate professionals are trusted resources for people choosing to buy a home. New rules taking effect will change your clients’ home buying experience. Since clients turn to you for help, we’re providing you with this guide to explain the Consumer Financial Protection Bureau’s (CFPB) Know Before You Owe mortgage initiative.
The Know Before You Owe mortgage initiative is designed to empower consumers with the information they need to make informed mortgage choices. It includes the implementation of the TILA-RESPA Integrated Disclosure rule, which is often referred to as “TRID.” We prefer Know Before You Owe (and since getting past jargon is a first step, we think you might prefer it too).
Mortgages are complex and confusing. This new rule primarily does two things:
- It simplifies and consolidates some of the required loan disclosures, and
- It changes the timing of some activities in the mortgage process.
This guide will help you work with your clients to ensure smooth and on-time closings.
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