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08/08/2016 | Author: Editorial Staff

Less than a year after a new Consumer Financial Protection Bureau (CFPB) initiative, Know Before You Owe, made it harder for real estate professionals to get copies of their clients’ closing documents, the agency has reversed course, proposing a rule update that benefits REALTORS®.

The CFPB now says that it’s customary for real estate agents and brokers to get copies of their clients’ Closing Disclosure, which replaced the HUD-1 Settlement Form last year.

This proposed rule change is one of several available for public comment until October 18. Email the CFPB at federalregistercomments@cfpb.gov with “Docket No. CFPB-2016-0038” in the subject line to tell them you support lenders being allowed to share mortgage-origination documents with real estate agents and brokers.

Read the CFPB’s press release to learn about other tweaks being considered by the bureau and to access full text of the proposed rule.

Categories: Legal, Buyers
Tags: buyers, consumers, closing, cfpb

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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