Integrating Realtor data into the LOS removes last roadblock to eClosings
The real estate finance and real estate sales industries have come to understand the benefits of deeper communication and collaboration to close a transaction. Changes mandated by theConsumer Finance Protection Bureau, specifically the introduction of the TILA/RESPA Integrated Disclosure rule, have dictated a path to increase transparency.
In June, the National Association of Realtors reached out to the CFPB identifying certain issues experienced by its members surrounding TRID.
Specifically, prior to the rule it was common practice for Realtors to aid clients by answering questions about the HUD-1. Since implementing the rule, real estate professionals have experienced problems getting access to the Closing Disclosure.
Clarifying the rule to state it is acceptable to share the CD with third parties when the lender receives consent from the borrower, would address this problem.
On July 29, the bureau issued changes it is proposing in response to NAR's request regarding privacy and sharing information. This clarification allows creditors and settlement agents to share the CD with consumers, sellers, and their agents, reducing risk to third parties; Realtors, lenders and investors...Read More Here.