There seems to be a lot of questions about TRID. You know the new “Know Before You Owe” or TILA RESPA Integrated Disclosure rule from the Consumer Financial Protection Bureau (CFPB) which was implemented on October 3, 2015.
The idea was to simplify the process for the consumer and to
allow the buyer opportunity to shop for their “best loan”.
Remember the old adage: The best buy for the buyer and seller is determined by “what a willing seller will sell for and what a willing buyer will buy for”. We (Loan Officers, Realtors, and Escrow Staff ) simply need to work through this new process. It’s not difficult, just different.
Over the past 90 days I’ve been exposed to lots of “learning opportunities” through classes, seminars, and plenty of one on one discussions.
For your own background resources check out:
The CFPB http://www.consumerfinance.gov
The MBA (Mortgage Banker Association) https://www.mba.org
Plus there are numerous state and local business partners to discuss all the ins and outs with.
But here’s a
simple understanding. We have:
New forms
And New
timelines
Buyers can help the process by staying in constant contact with their lender, their Realtor, and even the title company.
When we all work together we can accomplish a lot - together.
The key is as it has always been: communication.
For years escrow has explained to consumers “lenders are going to tell them before they give you information what they are going to give you. They will then tell you what you got and what they still need. And finally on the day of closing the escrow officer will give everyone one more copy of the documents, just to make sure everyone has all the paperwork.”
So really not much has changed, it is still all about communication. Communication and working together - that’s what gets the job done.
After all, we all want the buyer to have their keys and the seller to have their money!
So jump on
board, and we’ll all finish learning together!
