Q & A Saturday – What is TRID?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “What is TRID?

TRID - MA and NH Real Estate

In this video Shaun discusses some of the new regulations and procedures that will be going into effect soon with the implementation of TRID.

 

Some of the main points covered in this video are:

1)      What does “TRID” stand for – TILA-RESPA Integrated Disclosure

2)      When does TRID go into effect?

3)      What delays have there been and will there be any more?

4)      The new 3 day review period that is expected to cause delays of around 2 weeks when closing a loan after the new rule goes into effect

5)      Some cynical reasons why the mortgage industry might be planning for these delays

 

The new TRID regulations will undoubtedly cause lots of delays when they take effect this fall.  Mortgage originators will schedule things out farther and there will be many delays at the end of the process as well.  Best course is to make sure to work closely with your mortgage professional to move things along.  As a seller you or your agent should also make sure to check in very regularly to make sure things are on track.  Make sure to be prepared to gather requested information as quickly as possible to minimize these delays.  As mentioned in the video we will do a more involved blog post as the implementation deadline gets closer and hopefully more details become clearer about the ramifications to TRID.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          Sample forms and disclosures from the Consumer Financial Protection Board

–          Article on the House Bill proposing delay in TRID enforcement

–          Great article going over TRID on The Massachusetts Real Estate Law Blog

–          Article going over reasons for longer and extended rate locks

–          TRID FAQs from Old Republic Title

–          Our Blog Post Going over TRID (Coming Soon)

 

 

 

(Image Credit: TRID-Icon via iarbuzz.com)

 

 

 

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