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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 Oct. 3, 2015.
“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.
►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.