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Learn what rules and regulations from the CFPB mean for your real estate transaction.

What is CFPB?

The Consumer Financial Protection Bureau (CFPB) is an independent agency of the US government that provides greater protection to consumers and to enhance the strength of the financial system. CFPB was created as part of Dodd-Frank Wall Street Reform as an independent bureau housed in the Federal Reserve in 2010 as a legislative responses to the financial crisis of 2007-08 which lead to the Great Recession.

The New Closing Rules

In November 2013, the CFPB integrated the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations. Any transaction involving a mortgage will use new CFPB disclosure forms. The new TRID forms are to be implemented on October 3, 2015. This massive rule weighs in at nearly 2,000 pages and impacts all businesses that touch a residential mortgage, as well as homebuyers. The CFPB is ready to enforce this rule. Compliance presents a challenge, as it requires large-scale operational changes for lenders, title companies and many more. This will push back the processing process to 45 days instead of 30 days. Here are some helpful resources for you to get familiar about the latest changes to your next real estate transaction.

Latest Updates

Understanding TRID for Real Estate Agents
Understanding TRID Rules
TRID Timeline
Understanding CFPB for Consumer

Helpful Resources

TILA-RESPA Integrated Disclosure Rule Implementation
Final Rules Issued by the CFPB
Escrow Requirements under the Truth in Lending Act
Loan Originator Compensation Requirements under the Truth in Lending Act
Basic Guide for lenders: What is a Qualified Mortage?
Leveraging technology to empower mortgage consumers at closing

Watch our videos about the latest CFPB TRID changes

CFPB Overview
Loan Estimate
Closing Disclosure