Make your voice heard on changes to closing rules that benefit you
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 firstname.lastname@example.org 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.
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