The Blog

You’ve probably gotten a slew of emails in your inbox talking about the new CFPB disclosures. Maybe you’ve even attended meetings at your office or elsewhere to learn how these new loan disclosures will impact your real estate transaction.

It’s possible that some of these meetings and emails did incite a bit of panic. But there are two pieces of good news for you:

1. The new Know Before You Owe rule will not take effect until October 3, 2015. Previously scheduled for August, this extension gives agents, lenders, and escrow officers additional time to get their ducks in a row.
2. The disclosure changes are actually not as significant as you thought. When presented to me, I originally thought that these new CFPB disclosures would have a huge impact on our business and delay our closings. However, in looking at the chart below, it appears as if the changes are not as robust as originally intimated.

Check out the chart below courtesy of consumerfinance.gov

CFPB Fact Sheet

If you or your team needs a transaction coordinator who is in the know, feel free to contact the transaction coordinating team at Transaction 911.