October 3rd, 2015 TRID Changes:
A Team Mentality is Vital for Success
By now, I'm sure you've heard about the BIG changes coming to home buying and mortgage financing ...
Those changes are called Tila-Respa Integrated Disclosures, or TRID for short.
They take effect on October 3, 2015 and include ALL Residential Mortgage Loan Applications taken on and after that date.
Long talked-about prior to their effective date, these changes are being put into place to help Buyers and Sellers educate themselves and become more informed about their real estate transaction and mortgage process. The 3-day Disclosure Period (minimum) within these TRID changes is meant to provide more time to clients when receiving exact costs related to their loan. The hopes are that this will result in an extra layer of protection to those borrowing money when buying or refinancing a home.
Much has been written in regards to the pros and cons of these new changes, both from a consumer's point of view and the professional one. But many concerns raised can be addressed and overcome if everyone involved in the transaction practices a "team" effort and mentality.
What do I mean by that?
Consistent, clear communication between all parties will help facilitate progress within the transaction. Discussions between Lender and Realtor regarding realistic Closing Dates will become more important than ever.
Here in the Chicagoland area, it's my opinion that transactions should be factored for 45 days, at least until these changes are adjusted to.
Communication between agent and lender will become especially critical when determining Closing Dates. If the deal goes smoothly, closings can occur in less than those 45 days.
Attorneys, a component of many Chicagoland (Illinois) transactions, will now be heavily depended upon to provide Title Commitments and other documentation in a timely fashion.
Notification of Attorney's Fees, and billing for other documentation or services, must also be reported much earlier in the process upon the implementation of these TRID changes.
Again, the need for a team mentality throughout the entire process cannot be over-stressed. If one person involved within the transaction (professional or client) "drops the ball" or fails to perform to the new standards, the Closing Date could be delayed.
- Good communication
- Complete cooperation between parties
- Consistent teamwork
* Hoping to Buy or Refinance a home in New Lenox, Will County, or elsewhere in the greater Chicagoland area? Contact Me today! I'll be happy to hear from you and put my 37 years of mortgage experience and expertise hard to work on your behalf.
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