Get Ready for TRID!
So, do we all really understand the changes taking place in the next 60 days?
Let’s start with TRID – what does it stand for? It is the TILA-RESPA Integrated Disclosure rule implementation. That is a mouthful so now we all get the abbreviation to just TRID.
What does it mean? Well, for starters…
Gone forever are: HUD1, GFE and TIL
Replaced by: the “Loan Estimate” and the “Closing Disclosure”
SAMPLE DOCUMENTS
TRID Loan Estimate & TRID Closing Disclosure
There are also new rules for the closing procedure.
All forms and closing documents must be ready three days prior to closing.
What this means is you and the other settlement service providers, including our closing team and the title agent, are under the gun to get everything squared away earlier than you have to today.
Buyers and sellers have to be cooperative as well, because if last-minute changes are made a new three-day waiting period kicks in, at least in some cases.
The CFPB’s goal in making these changes is obviously to increase transparency for consumers. Now, I know we don’t always like change on our side… but I do think once this gets ironed out, it will be better for the entire industry in the long run.
The good news is we have until August 1 to get familiar with the new forms and learn about the new closing procedures.
There are also many videos and webinars on the topic.
Quick/Easy video from Stewart Title – (3 min)
https://www.youtube.com/watch?v=7tNGICYIhtM&feature=youtu.be
Ken Tripeta from NAR – little more in depth but very informative (5 minutes)
https://www.youtube.com/watch?t=39&v=CLjFLD4LsnE
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