#knowbeforeyouowe

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🕵️‍♂️ Don't be caught off guard! Uncover the hidden fees lurking in loan agreements. 💡💰 https://cstu.io/a4cd6c

[loansearch]

🕵️‍♂️ Don't be caught off guard! Uncover the hidden fees lurking in loan agreements. 💡💰 https://cstu.io/a4cd6c

[cctitleescrow-blog]

Know Before You Owe

Making the mortgage process easier

The Know Before You Owe mortgage disclosure rule replaced four disclosure forms with two new ones, the Loan Estimate and the Closing Disclosure. The new forms are easier to understand and easier to use. The rule also requires that you get three business days to review your Closing Disclosure and ask questions before you close on a mortgage.

Helping REALTORS Understand the Changes

Real estate professionals are trusted resources for people choosing to buy a home. The new rules change your clients’ home buying experience.  Be sure you know all the facts and can guide your clients effortlessly and seamlessly through the process.

The Know Before You Owe mortgage initiative is designed to empower consumers with the information they need to make informed mortgage choices. It includes the implementation of the TILA-RESPA Integrated Disclosure rule, which is often referred to as “TRID.” 

Mortgages are complex and confusing. This new rule primarily does two things:

It simplifies and consolidates some of the required loan disclosures, and

It changes the timing of some activities in the mortgage process.

This CFPB Guide will help you work with your clients to ensure smooth and on-time closings:  http://www.consumerfinance.gov/know-before-you-owe/real-estate-professionals

For a comprehensive diagram and information to assist you in understanding this new rule and streamlining the process, click here:  http://www.consumerfinance.gov/know-before-you-owe/real-estate-professionals/new-disclosures-streamline-process/

The CFPB has also created a Homebuyer’s Toolkit to ease your clients through the process:  http://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf

Did you know that CCTE Real Estate School offers exceptional Continuing Education classes for REALTORS on important topics and industry-mandated course material, such as Trid?  Our instructors are second to none when it comes to industry knowledge and effective teaching styles.  Our classes are fun, interactive, and they are always accompanied with complimentary lunch from our many sponsors and community partners!  Want to learn more? Check out our RE School website (New 2016 CE Classes and Lunch & Learn Seminar Dates and Offerings will be announced soon...). www.ccteseminars.com

Here is a preview from a 2015 CE Class with CCTE Attorney Liz Cotter ~ “The Trid Effect”: