MBA Launches Know Before You Owe Resources for Consumers and Lenders
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (September 10, 2015) - Today, the Mortgage Bankers Association (MBA) launched a set of resource guidelines to educate both consumers and lenders and their business partners needing to comply with the new Know Before You Owe or TILA RESPA Integrated Disclosure (TRID) regulations that will go into effect on October 3, 2015.
These new regulations will require new mortgage disclosure forms and will change the way that real estate transactions are processed and closed. It is the intent of these resources to help educate consumers, industry partners and service providers, and to speed the process of these transactions. "MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process," said MBA President and CEO David Stevens. "Our industry has been preparing for these changes over the last several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules." The resources are comprised of several documents designed to assist consumers and the broader real estate community in plain, easy-to-understand language. They include:
- Consumer One-Pager - Targeted for consumers and covering the changes of Know Before You Owe;
- Lender One-Pager - Targeted for real estate agents and broker partners, also covering the changes brought by Know Before You Owe;
- PowerPoint Slide Deck - Targeted for real estate agents and broker partners to use in presentations with colleagues.
To view and download any of these documents from MBA's website, please click here.