TRID Now In Full Swing For Home Purchases

Dated: November 18 2015

Views: 2377

Image titleThe transition to TRID is going smoothly for most lenders, buyers & sellers.  TRID took effect on Oct 3, 2015 and has slowed down the loan process slightly.


Under the changes, the Good Faith Estimate was replaced with a Loan Estimate (LE) and the HUD-1 Settlement Form was replaced by a Closing Disclosure (CD). The Closing Disclosure must be given to buyers at least three days before closing to give them a chance to review the final numbers. This is obviously great for consumers (buyers) as they can compare their LE with CD to make sure closing figures have not changed significantly. As with all changes in the home buying process, there was much trepidation throughout the industry about the possible impact on home purchases and closings. 


The key to making sure you have a smooth escrow and minimal delays from our perspective is choosing to work with a strong lender who has already taken proactive steps to ensure TRID has minimal to no impact on your closing time frames. Many of the local direct lenders have taken this approach and for the most part have nullified the impact of TRID on time frames to close. 


Just recently we closed escrow with an out of area lender who was not prepared nor well versed in the TRID nuances and this resulted in a full one week delay in closing. By industry standards that is a long and unacceptable delay, especially when it could have been avoided. 


Choosing a solid, reputable lender is crucial and should be given significant consideration before moving forward with lender who may not be well versed in the new changes and not prepared to navigate the new closing process.


For more information on TRID, you can go to Consumer Financial Protection Bureau website run by the U.S. Government http://www.consumerfinance.gov/know-before-you-owe You can also click the website sample down below to navigate to the site for more information.

If you are thinking about buying or selling, please give us a call. Year over year we have been ranked as one of the top teams for Keller Williams Realty throughout all of California and we would be happy to put our expertise and track record to work for you. 

On the city links below you can see all active inventory for the following key bay area cities:

 Walnut Creek, Pleasant Hill, Martinez, Alamo, Lafayette, San Ramon, Danville, Orinda, Moraga, Concord,Brentwood, Oakland, Fremont, Pleasanton, Dublin, Livermore, Hayward & Castro Valley 


The EastBayPro Team would like to thank our numerous clients and friends this year for trusting in us and most of all wish you and your family a wonderful Thanksgiving Holiday! 


You can reach our team members at 925-304-6346 - Kevin R Kieffer, Broker Associate - Team Leader for Keller Williams Realty's EastBayPro Team - Our team members include Naomi T Kieffer, Matt Rubenstein, Dana Grant, David P Johnson, Heather Gowdy, Jamie Duvnjak, Scott Maher, Nina Kasper-White & Ken Wilson - Please call and "Let Us Exceed Your Expectations".


Image title


Want to Advertise on this Site?

Latest Blog Posts

Compare Countertop Materials To Consider Both Inside And Outside Your Home

Considering selling your home? Countertops create the sizzle in the kitchen and many other areas both inside and outside the home. Check out my recent interview with HomeLight regarding the various

Read More

Low Rates Now Will Have Big Impact On Inventory In The Future

Low rates are fantastic for the real estate market right now but most certainly will lead to an inventory lock down in the future. Motivation to sell and move up which usually happens approximately-

Read More

Remodeling Surge Battles Supply Shortage ROI Challenges Heres Why

If buying isn’t an option, make it yourself. Indeed, in 2020 homeowners across the country found themselves forced into spending more time at home, and they were spending that time in different

Read More

Why Compass And Eastbaypro To Achieve Your Real Estate Goals

Compass is the only real estate brokerage brand that speaks to the next generation of luxury buyer exquisitely. This ‘next generation’ (of all ages) work in industries that have advanced far

Read More