Are you advising prospective home buyers to make application for their mortgage before October 3, 2015 to prepare for the implementation of the new TILA-RESPA Integrated Disclosure ("TRID")?

Question

Answers Subscribe to Answers

Sort

Rainmaker
699,277

Chris and Dick Dovorany

Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL

Broker/Associate at Premiere Plus Realty

It's going to be a nightmare. Most Realtors are not going to understand the changes because their mindset is "I've always done it this way". Lucky for us we are mostly cash deals however, that is not going to be smooth sailing either.

Sep 10, 2015 02:11 AM

Upvote

2

Joan Cox

Denver, CO
Roy Kelley

Gaithersburg, MD

Rainmaker
791,506

The Woodland Team of Texas

The Woodland Companies - Austin, TX

Land Specialists

Whatever prompts people to act.

Jan 19, 2019 05:05 PM

Upvote

1

Bob Crane

Stevens Point, WI

Ambassador
6,687,948

Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Not sure any of these endless programs make much of a difference.

Jul 29, 2018 08:06 PM

Upvote

1

Bob Crane

Stevens Point, WI

Rainmaker
2,443,346

Evelyn Johnston

Friends & Neighbors Real Estate - Elkhart, IN

The People You Know, Like and Trust!

Yes, I will encourage them to do so.

Sep 10, 2015 10:51 AM

Upvote

1

Roy Kelley

Gaithersburg, MD

Rainmaker
1,772,017

Noah Seidenberg

Coldwell Banker - Evanston, IL

Chicagoland and Suburbs (800) 858-7917

That is a good thought Roy, we have a learning curve ahead.

Sep 10, 2015 09:43 AM

Upvote

1

Roy Kelley

Gaithersburg, MD

Rainmaker
1,538,594

Ryan Huggins - Thousand Oaks, CA

https://HugginsHomes.com - Thousand Oaks, CA

Residential Real Estate and Investment Properties

Definitely! I'm advising all my buyers to get their loan app in before the third. I've been to two classes on TRID by two different institutions (big and small) and I'm not worried about it. We'll just have to change when credits are negotiated. I advise my people to get their apps in mainly because of the time delays. Some lenders are OK with not having the 3 day delivery period if you are there in person or doing things electronically, others will make you wait. That inconsistency is what worries me the most.

Like any change in any industry, it'll be rocky at first but should smooth out after a couple months.

Sep 10, 2015 09:19 AM

Upvote

1

Roy Kelley

Gaithersburg, MD

Rainmaker
6,004,689

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

It would be nice, but think if buyers cannot get it done by 10/3, we shall work with the new format.

Sep 10, 2015 05:46 AM

Upvote

1

Roy Kelley

Gaithersburg, MD

Rainmaker
634,582

Kathleen Luiten

Resort and Second-Home Specialist - Princeville, HI

Kauai Luxury Ocean Home Sales

I advise buyers to get pre-approved immediately but my understanding is they can't avoid the TRID changes unless they're already in escrow and the lender is in process before that date. Am I wrong about that?

Sep 10, 2015 04:58 AM

Upvote

1

Roy Kelley

Gaithersburg, MD

Rainmaker
2,444,565

Lise Howe

Keller Williams Capital Properties - Washington, DC

Assoc. Broker in DC, MD, VA and attorney in DC

Yes and everyone should!

Sep 10, 2015 02:56 AM

Upvote

1

Roy Kelley

Gaithersburg, MD

Rainmaker
212,810

Stefan Winter

Real Estate in IL & NV | Owner of Real Estate Web Tech | Daily Vlogger - Las Vegas, NV

Owner - Winter Group & Real Estate Web Tech

I've been advising clients about it and letting them know the big changes just as a heads up. It wont help them find a home they love any faster, but at least they know what to expect.

Sep 10, 2015 02:11 AM

Upvote

1

Roy Kelley

Gaithersburg, MD

Back to Top

It's going to be a nightmare. Most Realtors are not going to understand the changes because their mindset is "I've always done it this way". Lucky for us we are mostly cash deals however, that is not going to be smooth sailing either.
Not sure any of these endless programs make much of a difference.
Definitely! I'm advising all my buyers to get their loan app in before the third. I've been to two classes on TRID by two different institutions (big and small) and I'm not worried about it. We'll just have to change when credits are negotiated. I advise my people to get their apps in mainly because of the time delays. Some lenders are OK with not having the 3 day delivery period if you are there in person or doing things electronically, others will make you wait. That inconsistency is what worries me the most.

Like any change in any industry, it'll be rocky at first but should smooth out after a couple months.
It would be nice, but think if buyers cannot get it done by 10/3, we shall work with the new format.
I advise buyers to get pre-approved immediately but my understanding is they can't avoid the TRID changes unless they're already in escrow and the lender is in process before that date. Am I wrong about that?
I've been advising clients about it and letting them know the big changes just as a heads up. It wont help them find a home they love any faster, but at least they know what to expect.