Know Before You Owe: The real estate professional's guide

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.

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 about how the previous four disclosures were consolidated into two.