Many changes are in store for the real estate industry in 2015 with TRID going into effect on the third of October. Perhaps the biggest visible change is the required usage of new disclosures at most residential real estate closings. There is much information to be found about the rule and the new forms on the CFPB website. There you will find filled-in samples as well as blank samples of the new Closing Disclosure and Loan Estimate forms. These forms will be replacing the Initial TIL Disclosure & Good Faith Estimate and the Final TIL Disclosure & HUD-1 Settlement Statement forms that are currently used in most transactions. It is hoped that the consolidation of the historically used forms will help both buyers and sellers to understand the process, what it entails and what it means to them, more thoroughly.
To help consumers understand the ins and outs of the often complex process of buying or selling residential real estate, the CFPB has developed a section of their website called Know Before You Owe. Here can be found many resources for consumers.
The CFPB website has a thorough comparison of the closing and disclosure forms that go into effect in the fall of 2015 and the ones currently in use. Here you can see some of the changes coming down the pipeline.