REALTOR® Magazine presented a live webcast on July 16, 2015, to help real estate professionals understand the changes to the closing process that are scheduled to go into effect later this year. The program featured attorney Phil Schulman, a partner with K&L Gates and former official with the U.S. Department of Housing and Urban Development who specializes in federal closing rules, and NAR Senior Counsel Finley Maxson.
As part of the changes, which stem from the merger of the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), two new forms—the Loan Estimate and the Closing Disclosure—will replace the HUD-1 settlement form and the Good Faith Estimate. Samples of the new forms are available from the Consumer Financial Protection Bureau.
The good is that TRID creates ultimate transparency. We are a huge fan of transparency. And if a loan process is executed properly by all parties involved, it shouldn’t mean any costs have to increase. Picking a lender with a smooth and refined disclosure process will be more important than ever. With TRID’s creation of transparency comes waiting periods meant to give buyers, sellers, borrowers and all other parties involved sufficient time to review the accuracy of a real estate transaction’s terms and conditions.
TRID is here! At Superior Mortgage Lending we expect NO DELAYS!!! One of our many investors is actually speeding up the process. If you have any questions or would like to learn more about the new changes give us a call and one of our Mortgage Professionals will be able to help you.