It’s officially fall and kids are settled back in school. It’s about time that we called attendance for Real Estate 101. Today, October 3, 2016 is the one year anniversary implementation of TILA-RESPA Integrated Disclosures rule (more widely known as “TRID”). We have all had a year to experience the new closing process and one thing is clear: “the sky isn’t falling” as many had predicted it would. This week, we’re going to cover four of our top thoughts dealing with TRID.
- Borrowers Are Not Being Told (or Are Not Appreciating) How Important it is to Acknowledge the CD: real estate professionals realize that acknowledging the CD is an important milestone on the path to closing. Without this important step, a closing may not occur. Borrowers are often sent a link for acknowledgment without further instruction or any warning that missing the midnight deadline will result in delaying closing. Astute Real Estate Professionals would be well served to send a simple reminder as to the importance of this task.
- Credits and Commission Statements are Often Provided Too Late:
- Generating a New Closing Disclosure is Common, Triggering a Waiting Period is Not
- Back to Back Closings Remain Challenging: