We are officially past the six week mark since the inescapable TRID rule came storming into the real estate & mortgage industry promising to wreak havoc on all lenders and create a serious real estate TRID-pocalypse.
Well, it’s been six weeks since the new closing rules became effective and despite a few hiccups here & there, we have survived! Not only have we survived though, according to a Realtor mag article, we have thrived. Based on an industry panel taken at the 2015 Realtors conference in San Diego, the experience thus far has been positive for all those involved.
With the intent of the rule changes being to make home shopping easier for potential buyers by comparing mortgage prices, so far, this change has been deemed as a progressive change for our industry.
For those of you that need a refresher on the basics of TRID, see the summary below to learn more about what TRID means for consumers and how TRID has affected realtors.
What TRID Means for Consumers
TRID will reduce paper work and consumer confusion by using clear language meant to help consumers better understand the complicated mortgage loan process. The new forms will highlight information that consumers have indicated are most important including: interest rate, monthly payment and total closing costs. TRID will also provide more information on the cost of taxes and insurance and how interest rate and payments may change in the future. The TRID will also make cost estimates consumers received for services required to close the loan more reliable and require mortgage lenders to provide the CD three business days before closing on mortgage loans
How TRID Will Affect Realtors
One aspect of the new integrated disclosures rules that will affect Realtors is that there are new time-sensitive delivery requirements for Closing Disclosures. The consumer must receive the Closing Disclosure a minimum of three business days before closing (date note is signed). In addition, there are certain changes to the loan file that can require a re-disclosure and a new 3-day minimum waiting period – changes to APR, loan product or the addition of pre-payment penalties are examples
If you have any questions regarding TRID, please feel free to contact me at firstname.lastname@example.org or call 262-513-9845 today!