National Real Estate News

New real estate transaction disclosure requirements will necessitate open lines of communication

Beginning August 1, 2015, just a few short months away, the nation’s Realtors must be prepared for the new disclosure requirements being implemented by the Consumer Financial Protection Bureau (CFPB). In a May 2015 article posted by the National Association of REALTORS®, the critical component to ensuring smooth transition and compliance is communication between all parties involved in the real estate transaction; the Realtor, the Lender and the Consumer.

Within the article, CFPB Director Richard Cordray explains that “these new mortgage rules are smart for the industry and are designed to educate and empower consumers to “know before they owe.” The article goes on to say that Cordray “stresses the importance of preserving reliability in the mortgage market and ensuring that consumers have the knowledge upfront they need when buying a home, one of the biggest financial decisions they’ll make in their lives”.