New Real Estate Closing Process TRID For Consumer Real Estate Loans
Beginning October 3 of 2015 the new real estate closing process TRID that includes lending and closing rules are being implemented when a consumer loan for real property is involved. The loan process as directed by the Dodd Frank Act and the Consumer Finance Protection Bureau (CFPB) requires that a new process be followed. The changes are suppose to protect the consumer and they may. Only time will tell. The new rule named “Truth-in-Lending RESPA Integrated Disclosure” Rule aka (“TRID”) and/or TILA-RESPA Integrated Disclosure.
The new rules and changes may complicated the closing process from a timeline and transaction management perspective. We encourage all potential sellers of real property and buyers to view the following video. The video is intended for real estate agents. However, property sellers and buyers can benefit from it and get informed about what the changes are. After Oct. 3, 2015, any transaction that involves a loan may be susceptible to closing delays, so all party’s to the transaction should know going in that they may have to be patient.
Buyers can see a summary of what the rule changes mean to them in the document below. Property Sellers should read this stuff as well, so they understand why delays might occur. Everyone involved in the transaction may have to have an extra amount of patience. 😉
The Consumer Finance Protection Bureau has provided a tool kit for borrows. You can read it here, http://www.consumerfinance.gov/know-before-you-owe/ and see it below, download and/or print it if you like.
We hope this helps you to understand the new real estate closing process TRID, that all your real estate deals are successful and without delays!
Have a VERY happy day!
Vivian and Mike Foate – Buy, sell, prosper!
Call Vivian 850-814-2372 CST