Posts

TRID – Closing Disclosures & “3 Day Review” Period Explained

This blog is one of the most viewed pages on our website, so I thought I’d update it and send it out again b/c there is clearly a lot of interest. People always want to know the exact day we can close when we prepare a Closing Disclosure (CD) and send loan documents to title. […]Read More

Closing Disclosure Out Sooner; Before Clear to Close; Closing Faster

When the dreaded “TRID” regulations came into effect, one of the biggest causes of delay was the Closing Disclosure or “CD.” The CD sets out the final loan terms, and borrowers are not allowed to sign actual loan documents until three business days pass from the signing of the CD. This three-day review period is […]Read More

TRID Allows Seller Credit Changes; Expect More Appraisal Reviews

A couple quick updates/reminders. Seller Credits can change any time without causing major delays** in closing. This was a surprise for us in the post-TRID environment, but changes in seller credits for closing costs do not require a new 3-day waiting period, even if they change after the Closing Disclosure (CD) is issued. ** Seller […]Read More

Closing TRID Loans Already; The Sky Didn’t Fall (again)

We are already closing TRID loans, even though TRID just went into effect on October 3rd. This shows that much of the TRID fear was overblown, as I mentioned in previous comments. We closed our most recent TRID loan in under 20 days. It takes 4 to 7 days longer to close a TRID loan. […]Read More

TRID: Longer Escrows; Contingencies The Same

This is a reminder that transactions that are “disclosed” after the October 3rd TRID implementation require about 7 more days to close. BUT, contingency periods remain the same. We can still release appraisal and loan contingencies in 8 days. TRID does not slow down contingency periods. One more important reminder: If you make meat-chili, you […]Read More

TRID Again: 21 Day Close; Nobody Can Change Fees or Credits

Now that we are getting our arms around TRID, we realize that a 14 day close will be impossible. The best case will be 21 days. This is b/c we cannot issue the required “Closing Disclosure” until 7 business days after we issue our initial disclosures that include the “Loan Estimate.”  And, it takes us at least 3 to […]Read More

Post TRID Turn-Times; Contingencies Same; COE 7 Days Longer

As mentioned, now that TRID is in effect we are requesting 21 day escrow periods instead of our usual 14 day escrow periods. We are working to move back to 14 day closings as soon as possible. TRID, however, is not affecting contingency periods. We are still 8 days for loans and appraisals. We can […]Read More

TRID Again; Contingencies & Closing Periods For Contracts Now?

Realtors are asking how they should adjust closing periods and contingencies with TRID coming into effect on Saturday. Some lenders are telling Realtors they need 45 days to close b/c of TRID, and we have no idea why; those lenders must have monks in back rooms copying loan documents with quill pens on parchment paper. […]Read More

TRID Explained Again; Not That Serious; A Few Days of Delay

TRID goes into effect on October 3rd, as most people know. TRID replaces the “Good Faith” and “Truth In Lending” with a new document called a “Loan Estimate.” The Loan Estimate is easier to read and is probably an improvement over the current documents. The other document that TRID requires, that is the cause for […]Read More

TRID/New Reg’s Not In Effect Until October; Not Serious Anyway

TRID or the new disclosure rules continue to strike fear in the hearts of everyone, and they shouldn’t. First, most lenders are not implementing TRID until October (August 1st is no longer the deadline). And second, the new disclosures are not that much more complicated (some are better), and they will not cause the massive […]Read More

New TRID Disclosures On August 1st; Not Serious For Smart Lenders

There seems to be apprehension about new loan disclosures that will be required on August 1st. There shouldn’t be. Current disclosures are known as TILA (Truth In Lending Act) and RESPA (Real Estate Settlement and Procedures Act). And frankly, they are too confusing. The new disclosures are called TRID or TILA/RESPA Integrated Disclosures, and they […]Read More