The Real Estate Settlement Procedures Act has been around since 1974 — but the changes over the past few years, combined with the creation and implementation of the Consumer Financial Protection Bureau (CFPB), have caused some confusion in the industry. What is the act? What does it mean for agents and for consumers? Here’s what you need to know about RESPA — explained.
In October 2015, the real estate industry had a new rule to deal with. The anticipation for the new Consumer Financial Protection Bureau’s (CFPB’S) TILA-RESPA Integrated Disclosures rule, or TRID, was weighty, and nobody knew what to expect. Would the CFPB delay implementation? (Yes, as it turned out.) Would the new rules cause closing delays? (Jury’s still out.)