You’ve trusted your Realtor to assist you in completing one of the largest purchases you’ve ever made, however, according to new privacy rules implemented by the Federal Trade Commission, access to the settlement statement from the purchase of your new home is restricted. Wouldn’t you be grateful for the additional advice from your experienced real estate professional? Real Estate Agents are often aware of details negotiated in the contract; association fees; miscellaneous dues, etc., and can make sure there are no discrepancies or costly mistakes.
After the new CFPB settlement procedures were enacted last year, many agents found themselves barred from looking at their clients’ Closing Documents due to the fact that these documents contain private information, also known as NPI (Non-Public Private Information). In a recent survey, National Association of Realtors found that more than half of agents countrywide were having difficulties gaining access to their clients’ Closing Documents. Lenders and Closing Agents often find their hands tied by the new regulations.(See citation from the Chicago Tribune)
AUTHORIZATION TO RELEASE INFORMATION
Additionally, the following chart breaks down what is known as NPI, or Non-Public Private Information, which Lenders and Settlement Agents are not allowed to share with the public unless they have the abovementioned Authorization to Release Information.