The new TRID or TILA/RESPA Integrated Disclosure is designed to help borrowers understand the terms of their home financing transaction. The forms were created to first be easy to read for the borrower. Most borrowers will be seeing closing documents for the first time in their life or perhaps the second in some time. Home purchases are still the number one investment that an individual will make in their lifetime. However, most closing documents were penned by highly educated lawyers and professionals. Their language does not always transfer over to the general consumer.
Back a decade ago, when the real estate market was on steroids.. and loans were being forged and closings pushed through, most consumers had no idea what they were signing. It was confusing and since many individuals were taken advantage of and the market suffered, this new form has been sent to ease that process.
While TRID guidelines are easier to read other issues such as a longer closing period have this a less than favored change to the closing procedure. These new guidelines apply to anyone taking out a mortgage. If you’re paying cash, you can still close quickly!
The best way to get the process going in a timely manner and keep our close from being 90 days or more, as a consumer make sure you are in contact with your lender providing documents quickly and efficiently. Follow up often. Any delay in supplying the ender with necessary information will cause additional delays. Also, make sure that you aren’t paying for your HOA’s dues in advance if the settlement statement has already gone out. A new form will have to be done and that could be 3-7 days of delay right before closing.
Need help navigating the new rules?
Call Jim at 561-838-9595 or email him at [email protected]