The Road to the  New TILA-RESPA Integrated Disclosures (TRID)

Part 4 of 4
Question: What should Realtors know?  
 

Answer: The first several months following the implementation of the new rule may be challenging as the industry adjusts and settles into the new process.

  • Click HERE to view a calendar that shows timing of disclosures for a sample real estate purchase transaction.

The National Association of Realtors (NAR) recommends the following:

  • If you plan to close your transaction on October 30th, make sure your clients have all of their ducks in a row by October 23rd.
  • Try to avoid last minutes changes.  Make sure sellers abide by their agreements. 
  • Keep communication open between your client, real estate agents, creditor and settlement agent. 
  • Add 15 days to the closing date.
  • Complete the walk-through early enough to allow for changes.  Changes discovered last minute may require re-disclosure of closing documents and triggers another waiting period.

Want to learn more about the TILA-RESPA Integration Disclosure rule?
Click HERE to visit The National Association of Realtors 
TRID information page.

NAR webcast on changes to the Closing Process
NAR webcast on changes to the Closing Process

HUD-1 Going Away: Understand New Closing Forms, Procedures
HUD-1 Going Away: Understand New Closing Forms, Procedures

Window to The Law:  TRID Changes Coming
Window to The Law: TRID Changes Coming

Did you miss earlier installments of TRID Talk with Elite Escrow?
Click HERE for Part 1
Click HERE for Part 2
Click HERE for Part 3
Resources  
  • Click HERE for the Real Estate Professional's guide
  • Click HERE to compare disclosures, view sample forms and learn the new timelines on the CFPB's "Know Before You Owe" webpage.
  • Click HERE to view a calendar that shows timing of disclosures for a sample real estate purchase transaction.
  • The CFPB released a TOOLKIT that guides consumers through the process of shopping for a mortgage and buying a house.  Additional Buyer/Borrower resources are also available HERE.
  • The National Association of Realtors offers RESOURCES to help REALTORS┬« prepare for the new disclosure requirements. 
This is our final installment of TRID TALK with Elite Escrow.
 
Elite Escrow Services of San Diego is here to guide you through the challenges of the new regulations.  We are committed to working closely with you, keeping lines of communication open to ensure the transition into the new regulatory environment is seamless.

 

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The information contained herein is provided as an accommodation to the real estate industry and to our clients. It is not intended to be nor does it represent professional legal or financial advice. Elite Escrow makes no representation as to the legal sufficiency or financial consequences of information which is supplied on this website, and we strongly encourage participants in real estate transactions to seek advice from independent legal and financial counsel.