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The public commentary period for the proposed Know Before You Owe (KBYO) rule, which addresses many of the concerns raised by the real estate industry since its implementation, has officially closed.

In submitted comments before the deadline, the National Association of REALTORS®’s (NAR) President Tom Salomone outlined recommendations for KYBO, also known as the TILA-RESPA Integrated Disclosure, or TRID, on behalf of the industry, including encouraging mortgage and title professionals to share the closing disclosure (CD) with third parties, such as real estate professionals.

In a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, Salomone states:

“As stressed by many other real estate professionals’ in their comments, the CFPB should maintain the language in the proposed rule acknowledging that sharing the CD with third parties is permitted as a record of the transaction to provide lenders and title agents with certainty of protection, and further emphasize that sharing the disclosures is required to increase consumer comprehension and avoid unnecessary and costly slowdowns for real estate closings.”

The reluctance to share the CD with real estate professionals, and, subsequently, consumers, comes out of fear of noncompliance with federal privacy law, despite a provision in the law that allows otherwise. This has contributed to wider misunderstanding at closing—in fact, more than 30 percent of homebuyers in a recent American Land Title Association (ALTA) survey reported feeling confused by the CD.

“Homebuyers and sellers rely on real estate professionals for guidance when navigating the complexities of a real estate transaction,” writes Christie DeSanctis, policy representative for NAR, in the October 2016 issue of Real Estate magazine. “Lenders’ refusal to share the CD under KYBO has placed recent buyers and sellers at an enormous disadvantage.”

“Seventy-one percent of people believe now is a good time to buy a home,” Salomone concludes in the letter. “As consumers remain largely optimistic about participating in such an integral part of the economy, the CFPB must focus on ensuring these individuals are able to purchase homes by promoting credit accessibility without unnecessary regulation that could hinder the home-buying process.”

To read Salomone’s letter in full, click here.

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