MBA Launches ‘Know Before You Owe’ Resources for Consumers, Lenders

September 11, 2015

The Mortgage Bankers Association 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 regulations that go into effect on Oct. 3.

These new regulations require new mortgage disclosure forms and will change the way that real estate transactions are processed and closed. It is the intent of these resources to help educate consumers, industry partners and service providers and to speed the process of these transactions.

“MBA has worked closely with the Consumer Financial Protection Bureau 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 past several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules.”

The resources comprise several documents designed to assist consumers and the broader real estate community in plain, easy-to-understand language. They include:

Consumer One-Pager–Targeted for consumers and covering the changes of Know Before You Owe, this informative one-page flyer covers the changes brought by TRID in plain, easy-to-understand language and ways to keep the process running smoothly.
Lender One-Pager–Targeted for real estate agents and broker partners, also covering the changes brought by Know Before You Owe, this informative one-page flyer also covers the changes brought by TRID in plain language.
PowerPoint Slide Deck–Targeted for real estate agents and broker partners to use in presentations with colleagues. These slides serve as the basis for a presentation to real estate agents and brokers. The deck includes an appendix of sample forms for reference.

To view and download these documents from MBA’s website, click https://www.mba.org/news-research-and-resources/trid-resources/trid-resources-for-realtor-and-broker-partners?utm_source=Informz&utm_medium=Email&utm_campaign=mba.org.