RE/MAX Realtor Debb Manderscheid Stresses ‘Know Before You Owe’

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Debb Manderscheid, of RE/MAX Alliance, in light of new TILA/RESPA Integrated Disclosure (TRID) rules, illustrates the substantial changes now in place for consumers who apply for a home loan.

Debb Manderscheid, RE/MAX Alliance

TRID rules are beneficial to the buyers as long as they understand them; it keeps the consumer more educated on the financing of their purchase.

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Debb Manderscheid, of RE/MAX Alliance, in light of new TILA/RESPA Integrated Disclosure (TRID) rules, illustrates the substantial changes now in place for consumers who apply for a home loan.

“TRID rules are beneficial to the buyers as long as they understand them; it keeps the consumer more educated on the financing of their purchase,” said RE/MAX Alliance agent Debb Manderscheid. “So many buyers just assume their lender is taking good care of them without really understanding the process.”

The new TRID rules are designed to simplify the home loan process by making it more user-friendly for borrowers. The Consumer Financial Protection Bureau created two new, mandatory disclosures to be distributed at loan application and closing: Loan Estimate (LE), a document that combines the current Good Faith Estimate (GFE) and initial Truth in Lending (TIL) into one disclosure and is distributed at loan application; and Closing Disclosure (CD), which combines the current HUD Settlement Statement, final TIL and Itemization of Amount Financed into one disclosure for closing. Additionally, the LE and CD will contain the new Total Interest Percentage (TIP) calculation.

“I think they are great as long as everyone follows the rules and the process stays in place,” said Manderscheid. “I have seen so many changes over the years that look good and a short time after implementation there are additional changes made here and there until the original change and the reason are done away with and we are right back in the same position and the consumer is being taken advantage of by yet another industry that has gotten around said changes.”

About Debb Manderscheid, RE/MAX Alliance
Debb Manderscheid works with residential home buyers and sellers. She is a resale specialist, with an emphasis on first-time home buyers, along with rural farm and ranch properties. Her designations include GRI (Graduate, REALTOR® Institute), E-PRO (Internet Professional), SHOP (Sensible Housing Opportunity Program), SRES (Senior Real Estate Specialist) and CDPE (Certified Distressed Property Expert). Please contact Debb on her cell at 970-215-8564, her office at 970-622-1828, or follow her on Facebook and Twitter. The office is located at 750 W. Eisenhower Blvd., Loveland, CO 80537.

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