The Mortgage Bankers Association has rolled out a series of flyers and a PowerPoint presentation as resources ahead of the impending implementation of the new Know Before You Owe TILA RESPA Integrated Disclosure rules. (TRID). The materials, downloadable and set up for insertion of lender branding information, are designed to enable lenders to educate themselves, consumers, and real estate professionals about the new rules and their attendant disclosure forms.
MBA said the new regulations will change the way that real estate transactions are processed and closed. It is the intent of the new resource materials, which MBA said it worked closely with the Consumer Financial Protection Bureau (CFPB) to produce, to educate consumers, industry partners and service providers, and to speed the process of these transactions. The new regulations go into effect on October 3.
MBA President and CEO David Stevens said MBA designed the materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process. "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," he said.
The materials include:
- For consumers: a one-page flyer that covers the changes brought by TRID in plain, easy to understand language and lays out ways to keep the process running smoothly.
- For real estate agents and brokers: a one-page flyer that covers the changes and ways in which real estate professionals can assist in keeping the process on track.
- For lenders: A PowerPoint Slide Deck which they can use as the basis for a presentation on TRID to real estate agents and brokers. The deck contains sample forms for reference.
Lenders can download the materials without charge here. The PDF files contain an editable field at the bottom left corner of the page for personalization by the lender. The cover page of the PowerPoint deck is also customizable.
