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| 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
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