Know Before You Owe

The real estate professional’s guide

Ensure smooth and on-time closings with our guide to the new mortgage disclosures and process. This guide will help your clients to know before they owe.

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:

  1. It simplifies and consolidates some of the required loan disclosures, and
  2. 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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  • Smooth and on-time closings

    To help you prepare your clients, we highlight five areas you may want to focus your attention on.

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  • New disclosures streamline the process

    Consumers told us that the newly designed Loan Estimate and Closing Disclosure make it easier to focus upon what is important. The forms’ design and language make the loan terms and loan costs easier to understand and potential errors or problems easier to recognize.

    Learn more
  • Learn what has and hasn’t changed about the mortgage process

    The Know Before You Owe rules mean new disclosures and new timeline requirements for lenders. We’ve outlined the seven steps in the process you need to stay on top of to guide your clients through to successful closings.

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  • Extra three-day reviews are unlikely

    Most changes will not require your client’s lender to give three more business days to review the new terms before closing.

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  • Share CFPB resources with your clients

    We have created resources that help your clients navigate the process of purchasing a home with mortgage financing. Consider using them as part of your client education and marketing efforts.

    Learn more