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TRID Now In Full Swing For Home Purchases
Dated: November 18 2015
The 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.
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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".