Top 3 Things to Keep in Mind When Dealing With TRID

Top 3 Things to Keep in Mind When Dealing With TRID

Short Sale Solutions

TRID, also known as the TILA-RESPA Integrated Disclosure Rule, will come into effect Oct. 1, 2015, and will bring a highly anticipated change to real estate transactions.

TRID is geared toward making mortgages more transparent and easier for consumers, but there will be a learning curve that many people within the industry are afraid of.

There are 3 things to keep in mind when dealing with TRID:

1. The old forms are out.

  • The Loan Estimate form combines the Good Faith Estimate (GFE) and the Truth in Lending Disclosure
  • The Closing Disclosure form combines the final Truth-In-Lending statement and the HUD-1 settlement statement

2. The disclosures must be provided within a specific timeframe and any changes that need to be made must be made, which would restart the timeframe.

3. The closing process will be impacted this summer and in the months to come.Which will most likely translate to longer timelines to get a mortgage and delayed closing dates.

For more insight regarding the TRID and its effects, check out this informative article. And of course, stay tuned for more information regarding the TILA-RESPA Integrated Disclosure Rule.

Top 3 Things to Keep in Mind When Dealing With TRID

Short Sale Solutions

 

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