The Consumer Financial Protection Bureau (CFPB) announced that it is drafting a notice of proposed rulemaking on the Know Before You Owe rule, also known as “TRID.” Since the Know Before You Owe rule went into effect on October 3, 2015, the industry has been working hard to understand and implement the rule which replaced the Good Faith Estimate and the HUD-1 with a Loan Estimate (LE) and a Closing Disclosure (CD). While the CFPB has provided informal guidance to the industry through webinars and phone calls, NAR has urged the CFPB to provide additional clarification in writing.
Among the questions your members will have answered: Are you dealing with the owner or a trustee? Does a child of the owner have the right of first refusal to buy the property? What happens if the market value of the house is less than the balance on the reverse mortgage? Thursday, April 21, at 1 p.m. CST.