The T3 Risk Guide is now available for download, representing the most comprehensive risk guide for real estate brokerages and agents available. With the “Know Before You Owe Rule” set to take effect October 3rd, 2015 and the CFPB at the helm, this tool should be utilized and read by all members of the real estate industry to prepare themselves for the impending transactional changes, and more.
The T3 Risk Guide is broken into 5 sections, including an inside look at the CFPB, page by page breakdowns of both the loan estimate and closing disclosure, and also key RESPA insights and analysis pertaining to brokerage management in the CFPB era. Our transactional checklist is a must for those hoping to avoid delayed transactions in October and beyond. Get your copy now, and so that you can continue to ready your organization for its unique compliance needs.
Under the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) has authority to supervise banks, insurance companies and real estate brokerage companies, to ensure that consumers are protected from costly surprises at the closing table.
Different professionals are involved with home buying transaction and are affected by the new rules and regulations put forth by the CFPB. For example real estate agents need to be able to talk their clients through mandatory new documentation covering the mortgage disclosure rule. They also have to adhere to the mandatory three-day notification for both the Closing Disclosure form and the new Loan Estimate form. Remember that the HUD-1 form and the Truth-in-Lending disclosures will in most cases no longer be used. Non-compliance has already been met with million dollar plus fines.
As a professional need to be prepared for the changes, must document certain processes, provide better transparency regarding the offering of mortgage and other transactional related services, ensure that all your closing partners are vetted and verified by your lenders, and more.
As always, the Swanepoel T3 Group and respected cadre of researchers, analysts and consultants are there as your trusted resource in proving accurate, objective, and relevant information to help your stay ahead of the curve.
The Group has just launched a new T3Sixty Risk and Compliance Division to assist real estate leaders, brokers and agents to prepare and manage these latest changes. Please contact Jared Conaway our newly appointed Risk and Compliance Manager at Jared@t3sixty.com and see what your options and obligations are.