Realtors in our area are concerned they will not get to inspect the "new disclosures" from TRID (i.e. the Closing Disclosure).
One of the title companies replied that they (and I quote)
"...will have a Final Settlement Statement...that should come out just after the Closing Disclosure."

I don't see the purpose of this additional SS since the info is going to be in the Closing Disclosure, but is this even allowed? Can title companies issue an additional document (the SS) at closing with the Closing Disclosure?

I have heard from 3 titles companies in our area that this will be the norm also.

See the following page on ALTA's web site.
http://www.alta.org/cfpb/documents.cfm

ALTA developed these model settlement statements because they are concerned that the way Reg. Z requires the owner's title insurance premium and lenders title insurance premiums to be disclosed on the Closing Disclosure. They believe the premiums on the CD may not be an accurate reflection of the actual costs paid.

yikes! I hadn't heard about this yet. What if the numbers don't mesh or agree? Did you see the statement at the bottom regarding disbursements?

Thank you "Reads Regs". I guess if the title companies really want to create extra work on THEIR end then it may be okay.

I'm going to submit a question on it to the CFPB (wish me luck) - they actually called me back and answered some questions I had on other topics concerning TRID. If I get a response I will document it here.

I'm a little confused on why the realtor gets a copy.

I think the CFPB is going to blow a gasket.

Asking this out of ignorance, not having used a realtor in over 40 years! What is the interest of the real estate agents in getting copies of the settlement statement/HUD1/Closing Disclosure? Candidly, now that the Closing Disclosure will clearly be the responsibility of the lender, I'm not at all comfortable that there's a Regulation P exception that would permit undisclosed sharing of the Closing Disclosure with a real estate agent.

I spoke with one of the title companies just now and they explained to me that the Settlement Statement will be used for the disbursing of the funds, as the Closing Disclosure does not clearly show it. The SS will be the basic form (like the ones they use in many commercial purpose transactions now), giving debits and credits their columns. This particular title company is going to use the forms developed by ALTA (link above provided by Reads Regs). I can see how that is helpful for the title companies, who are disbursing all of the money.

Waiting on the CFPB to indicate whether Lenders will be responsible for this form if there are any differences.

John, I am out of the realtor world loop as well.
From from my understanding, the realtors are mainly concerned with seeing that they are going to get the commission $ that they intend on.
However there are other comments too. One of them commented that they want to be able to close out listings with "all the required fields" (I don't know what this is referring to). One mentioned they want access to copies/statuses of appraisals & surveys too.

How can you give them this information?

This discussion seems to be mixing realtors and title companies, much like apples and oranges.

I'm not a realtor but like John, I don't know that I want all the details of a closing shared with a realtor. They submit a bill and get paid at time of closing just like any other interested party.

Since when are realtors entitled to copies of appraisals or surveys? Title companies need any surveys but not appraisals either.

But mostly, I don't like the idea that a title company is having the borrower and sellers sign off stating that my bank's money will be disbursed based on the numbers on the title company's settlement statement. Isn't that what the CloD is for?

Like Randy, I think the CFPB is going to blow a gasket on this one.

If you're talking about directly sharing docs with the realtor, I was advised that a simple agreement of consent from the customer would be fine. Preferably in writing by the customer, but documentation of an oral request should work too.
This was based on a convo between my Bankers Association & myself.

I attended a TRID "training" put on by a local title company. They invited all lenders and realtors in the area to attend. About 95% of the people there were realtors. Towards the end, when the speaker was discussing the Closing Disclosure and what does, and does not, show on it, one of the major realtors in town basically threw a fit. She went on and on about "how does this help us, the realtors?" "How are we going to get a copy of the closing disclosure?" Why would you? "Because we need to check the numbers" One of the Lenders there spoke up and tried to explain the need for the Closing Disclosure on the banking side and that it truly had no affect on any realtors and that our bank would NOT be giving any kind of info or disclosures to the realtors, and that they would need to get that from their customer if they really needed it.

I still do not see this going well when it comes to closing time!

In East Texas we have also had several trainings that a major title company sponsored (the attorney who owns many in East Texas was also on the small business panel on this)and the realtors were more concerned with the fact that they would need to start writing contracts for 45 to 60 days and not 20 to 30 days anymore. They were also concerned that they would not have access to a settlement statement to "check" that all "costs" were documented such as pest/home inspections, etc.

We will have the customer sign a document that is in our application packet that they understand we will share ONLY pages 2 and 3 of the CloD to their realtor and settlement agent only. We state under 12 CFR 1015.14(b) allows us the right to share but we want their consent too. This was posed on a prior post that Kathleen Blanchard had stated we are allowed to share non-public information.

We will share only pages 2 and 3 with the realtor as long as our customer signs the consent form.

My opinion is this. If the customer wants their realtor to review the CLoD for them...they can give it to them. Don't waste my staff's precious time with unnecessary requests.

^^^That would be my take on it too. But I've long felt like both realtors and title companies often overreach with their requests a/k/a demands.

They most definitely do!