Make your voice heard on changes to closing rules that benefit you

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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 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


David Davis on 10/15/2016

Melissa Gorman,
You have to email them using the link above.  Please do so!

Melissa Gorman on 10/15/2016

PLEASE allow Realtor to see buyers and sellers Closing statements!

Sheila on 08/13/2016

Thank you Jim Hix! It is kinda hilarious. When I saw the Notice from NAR July 29 that “Lenders Told It’s Customary To Share CD” I just about cracked up. Are we suppose to throw a parade in NAR’s honor? The rule was effective October 3, 2015. It should have been addressed October 4, 2015.  Are they making it retro active so we can get all the ones we don’t have for our files???? I am still a believer if it ain’t broke don’t fix it!!! HUD was fine. Some NOT ALL lenders needed to have the applicants officially sign the loan app UP FRONT NOT the week before closing and get those GFE’s out asap and explain it. Several times I would ask my clients if they had received the GFE’s and they had not. Yes…Frank Dodd needs to go away.

John Poggioli on 08/13/2016

This new rule seems to be in direct conflict with a Realtors fiduciary duties to their brokers’ client.

Sheila on 08/12/2016

Touché Michelle Aimes. It shouldn’t even be an issue. Both parties have signed the 3rd party financing addendum which specifically states real estate professionals will be getting a copy and both parties involved are agreeing to such.  Those signatures should have been enough.  It is part of what we do. I have been so aggravated about this and find it ridiculous that it is just now being addressed.  I personally found the HUD a lot easier to follow .  My clients that have experienced both HUD and CD agree HUD was better.  Just my .02 cents .

Jim Hix on 08/12/2016

I couldn’t say it better. Whoever came up with that idea should be fired!

Tricia Griffin on 08/12/2016
We as REALTORS have a duty to look out for the best interest of our client.  The client may have questions about the closing disclosure that we cannot answer if we are not allowed to review it prior to closing. In order to do the job we were hired to do, we need to have access to the cd when the buyer receives it for review.

Tricia Griffin on 08/12/2016

We as REALTORS have a duty to look out for the best interest of our client.  The client may have questions about the closing disclosure that we cannot answer if we are not allowed to review it prior to closing. In order to do the job we were hired to do, we need to have access to the cd when the buyer receives it for review.

Ray Faragher on 08/12/2016

You have to send comments to the CFPB , otherwise they will not see them as they do not read these threads.. To get there just click on the “read the CFPB’s press release” link within the article here; once that opens up there is a link (that works) that leads you to the 293 pages of info if you care to read through all that. Within the top two pages of that pdf there is an email where your comments need to be sent to so they are heard. Hopefully this helps.

Pat Dickey on 08/12/2016

We respectfully ask that you reverse the condition and allow the title
company to share the CD with the agents involved in the transaction.
We appreciate you wanting to keep the consumer’s information private, and understand that your intentions were good in that respect.  However, this rule has
meant that the buyer cannot discuss these costs or ask questions of their
agent easily and without time constraints.  We hope you will favorably
rule that an reversal of this rule is appropriate and the right thing to do.

Mary Ann Byrns on 08/12/2016

This has caused duplication of efforts and reworking of paperwork because we, as agents,  don’t see the HUD-1 until closing; unless the buyers send it to us or we request with the appropriate form for release of the information, which is just another extra form and delay in the process. Agents should be included for the simple fact that they are the ones who are looking out for their client’s interests and are the in possession of the most facts related to the transactions. This new law was a big step backwards IMHO.

Michelle Ames on 08/11/2016

This has long been one of my primary complaints about TRID. Real estate agents are most likely to know all of the details of a transaction and know if anything has been missed. Also, we have a fiduciary duty to our clients, and not sending the closing disclosure to real estate agents at the same time it is sent to borrowers does not allow us to perform our fiduciary duty. Most of the title companies I have worked with have figured this out, often through my conversations with them of why this is important, and have shared this. I also tell my clients this is helpful to them. Several of the components of TRID do not go the distance to protect consumers in transactions they do only once every several years and are unfamiliar with the process. That is one of the primary roles of real estate agents is to guide them through this process, and this is the culmination of that and the most important financial component. Sharing the CD should have never been up for discussion as not being sent to the borrower’s agent, at a minimum.

Betty Carroll on 08/11/2016

Please let Realtors have a copy of the Closing Disclosure at the same time the clients do! We coordinate with Lenders -Title-Inspectors-Licensed repairs -Surveyors-non-stop questions about the Entire process! All the above statements are true. Mistakes are made and we usually know what’s going on at the last minute. When other entities are making mistakes. Let us do our jobs correctly!

Lori Padilla on 08/11/2016

It makes no sense for a Realtor to review the CD at the closing table, when errors can be found and corrected in advance.  I ask my client to forward to me for review, but they don’t always understand what it is when they receive it.

Stephanie Rogers on 08/11/2016

There are to many errors that can happen in the closing doc’s if all parties are not allowed to see doc’s. My clients, inspections, repairs., other agent ect can all have changes last minute. Also it can be confusing when you are trying to get info to lender and abstract company. With this many people involved some items can get left out or wrong. The more people double checking the better the process is

Carol Golden on 08/11/2016

I agree with everything Doris said. Also, the seller agent should be getting a closing statement at the same time, whether it covers the buyer side or not.  In honoring the new edict, the sellers are often ignored.

Phyllis Davis on 08/08/2016

Our company in-house lender tells me that this rule changed at the beginning of 2016.

Doris Snipp on 08/08/2016

When Builders and some Brokers are owners or have an affiliation relationship with the Title company, how are my Buyer clients interests better protected by shutting out their Realtor who has a fiduciary responsibility to hold their client’s interest above all others. These same closing papers are readily given to me after the closing.

Sent from my iPhone

David Davis on 08/08/2016


I hear some REALTORS® complaining that some lenders are refusing to honor this form.  Is that happening?  Maybe it’s time to change lenders?

Elaine Byrne on 08/08/2016

Thanks, Michael, for posting the link to send the email.  Couldn’t find it anywhere on the CFPB site.

Doris Snipp on 08/08/2016

I hope all Realtors send a comment. We have a fiduciary duty to our clients to ensure our client’s interest is held above all others. Rarely did I have a HUD 1 which had all debits and credits in the correct columns as per the contact and addenda.  This can be a stressful time for the clients. The escrow officer state, they can not answer any questions concerning the charges. Where is the consumer protection?  We have a document signed by the client giving permission for me to review the closing statement.  It is not honored. Interestingly AFTER the closing I am given said document!

Mike McEwen on 08/08/2016

They also need to get rid of the closing disclosure and go back to a HUD-1-type document.

Michael Schrantz on 08/08/2016


You can email .(JavaScript must be enabled to view this email address) with your comment. Make sure to add “Docket No. CFPB-2016-0038” in the subject line.

Michael Schrantz
TAR Social Media Editor

Jim Schaffrath on 08/08/2016

With all the documents required certifying trust and a solid relationship between agent and buyer, blocking the agent form seeing the Closing Docs is a worst case of government intrusion.  In fact it creates ill-informed buyers at the closing table.

Doris Snipp on 08/08/2016

I have searched the CFPB web site but cannot find an email to respond. Can TAR post a link.

Sonal Shah on 08/08/2016

Please allow Realtors to see their buyers closing statement.

Doris Snipp on 08/08/2016

What email should we use?

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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 Any legal or other information found here, on, or at other sites to which we link, should be verified before it is relied upon.

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