To our utter amazement (tongue in cheek) the word is out CFPB is now considering possible changes to TRID. Of course many could have told them they were making too many sweeping changes all in the name of protecting the consumer.
On April 27, 2016 CFPB issued a letter announcing they are drafting a Notice of Proposed Rulemaking TRID. Richard Cordray, director of the CFPB, said, “We recognize that the implementation of the Know Before You Owe rule poses many operational challenges. We also recognize that implementation is particularly challenging because of the diversity of participants, from small to large financial institutions, mortgage brokers, real estate brokers, and title companies, through warehouse lenders, investors, due diligence firms, and rating agencies, whose perspectives may vary as to what compliance under the rule requires. The Bureau continues to work very hard to understand your concerns so that we can find the most effective solutions.”
In plain English they are back to the drawing board and hopefully they can simplify the process without adding more layers of bureaucracy! Stay tuned they hope to have a draft out by July for input and hopefully constructive comments can be made to improve this process! And the beat goes on…..
As always, Austin real estate information is brought to you as a courtesy by Dorie Dillard of Coldwell Banker United; your NW Austin Real Estate Consultant.
Selling or buying a NW Austin home is a complex process and you want to work with a REALTOR® that understands the process and the ever changing dynamics of the Austin housing market. I have systems in place, references and am a good listener and communicator. It would be my pleasure to schedule time to see if we are a good match. Reach out to me at 512.346.1799 or email at dillard@reloaustin.com.
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       Dorie Dillard is the most frequently hired REALTOR® in the Canyon Creek Subdivision. “YOUR PERFECT PARTNER”
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