TRID (TILA-RESPA Integrated Disclosure) is a new lending regulation implemented by the Consumer Financial Protection Bureau (CFPB) and may extend closings to 45 days-plus, rather than the standard 30 days.
Denver, CO (PRWEB) October 09, 2015
“TRID (TILA-RESPA Integrated Disclosure) is a new lending regulation implemented by the Consumer Financial Protection Bureau (CFPB) and may extend closings to 45 days-plus, rather than the standard 30 days,” said Debra. “Beyond that, every time anything changes the annual percentage rate in the purchase details, new disclosures have to be filed, which means three extra days each time.”
The CFPB’s new disclosure rules, adds Debra, is a big change that could cause some initial problems, but are intended to in the long run simplify the disclosure and loan-closing process for consumers and better prepare buyers for their mortgage transaction. According to the HousingWire article, however, Realtors are ready for the changes. In fact, a survey by the National Association of Realtors shows that more than 80% of all Realtors have already received training about the new mortgage disclosure rules.
Debra encourages her clients to write thoughtful contracts in light of the changes and use a reputable lender because TRID is brand new. Paying attention to dates and deadlines and how you negotiate for your clients has become even more crucial in light of these changes. Debra considers it her duty to educate her clients on the importance of getting things done quickly, work with a reputable and up-to-speed lender and get their insurance in place up front.
“Part of my job is to remind my clients to get their documents, including homeowner’s insurance, to their lender in a timely fashion. My team and I assist my clients in scheduling their home inspection as soon as possible and to have their appraisal done very quickly,” said Debra. “If the seller offers a monetary concession instead of fixing something, this may change the purchase price or closing costs.”
Debra further stresses that if the purchase price changes or closing costs change then new disclosures will have to be generated, which may delay closing. “These changes make it tougher on both clients and agents, and if the lender or agents aren’t educated and very familiar with the new process, purchases can be delayed or fall through,” said Debra.
In addition to real estate, Debra has donated to numerous charities. In fact, with every successful closing, she has donated to her client’s charity of choice, including Jewish Family Service of Colorado, a nonsectarian, nonprofit human services agency; and the Denver Dumb Friends League, which rescues sick, injured and neglected animals and investigates cases of neglect and mistreatment.
About Debra Reinhard, RE/MAX Masters Millennium
Debra Reinhard of RE/MAX Masters Millennium is a Certified Negotiation Expert and Certified Residential Specialist known for her superior customer service and ability to place her clients in the right home. Ninety percent of Debra’s robust business is generated through referrals. Debra is a 5 Star Agent in Denver’s 5280 Magazine five years running. Her office is located at 6020 South Greenwood Plaza Blvd., Suite 100, Greenwood Village, CO 80111. For more information, please call (303) 957-8329.
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