Chicago Real Estate Leaders Ready for “Know Before You Owe”

 

Jeanine McShea

CHICAGO (September 23, 2015) – With the implementation of the Consumer Financial Protection Bureau’s “Know Before You Owe” rule less than two weeks away, many real estate professionals are bracing for how the rule will change the home-buying process starting October 3.

 To prepare for these changes, some Chicago providers have been taking creative steps that can serve as a model for the rest of the industry.

  

“Although we’ve known since 2013 that these changes were coming, some industry professionals still have not fully updated their systems,” said Ben Niernberg, executive vice president of business development and operations at Northbrook, Illinois-based Proper Title, LLC, a full-service title insurance agency.

“Integrating the new required fee quotes, generating the new closing disclosure forms, and implementing tracking systems to gauge the new delivery and review periods, is no small undertaking,” he said. “But in addition to spending the past year and a half making sure Proper Title was prepared, we’ve also taken a proactive approach to ensure our clients – and our partners – are prepared to navigate the new process.”

Related Realty, a premier brokerage firm specializing in Chicago’s most in-demand neighborhoods, plans to provide ongoing education for its staff as the new rule is rolled out. “Buying a home is one of the most significant purchases a person will make in their lifetime,” said Jeanine McShea, vice president and managing broker at Related Realty. 

“As advocates for our clients, we need to continually stay well-versed in the process and be able to manage any additional changes that may come.”

For a complete copy of the company’s news release, please contact:

 Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527