7,836,425
Few real estate agents fully understand the TRID requirements and it will take some time for the learning curve. Mortgage lenders will be leading the way and all of the parties in the transactions need to be alert.
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Michael Jacobs
Pasadena, CA
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Jeremy Branum
Hollywood, FL
1,513,143
I have attended three clases gaining the basics but must either thick headed or from Missoui and will learn on the run!
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Michael Jacobs
Pasadena, CA
1,543,823
I understand it as good as I can from 3 classes I took; without having experienced it yet. Book knowledge vs. Street knowledge...much more to learn in the trenches. But, I'm sharing with all: 45-90 day escrows and hoping for better of course. Our Industry certainly changed last Saturday.
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Michael Jacobs
Pasadena, CA
6,393,609
763,883
TRID is so simple. Get paperwork done early and correctly the first time. Make sure all credits are included early. Let the buyer know that making any changes starts a new 10 waiting period. Work with honest, professional lenders. Be proactive in making sure your buyer has a good lender to start with.
2,310,576
I had one lender email me today and remind me that TRID spelled backwards is DIRT and he is dreading the change. I think more time for the loan process is the key for me.
4,883,242
I have taken 2 clases and watched several webinars. I understand how it can affect a transaction.
3,986,258
212,755
I sur dont, but my two preffered lenders have a good handle on it. They went above and beyond even before the 3rd to make sure they can handle the new rules without slowing down.
4,572,439
3,805
TRID has certainly changed our industry by updating laws that have been in effect since RESPA’s inception 40 years ago. These changes don’t only effect the disclosure process but what is disclosed, when and how. A 30 day closing is truly a thing of the past and I am advising a minimum 45 day contract / escrow. These changes eliminate the GFE and HUD-1 settlement statement and require the disclosure of new information like the Realtors license number.
The relationship between the realtor and lender has never been as important as it is now. Since the realtor is the first point of contact in many cases it will really be a mutual effort to help the consumer understand these changes and help keep the client on pace within this new process.
As always if I can be of assistance, please feel free to reach out.