TRID Changes Volume III

Posted by Jessica Botkin on Friday, November 13th, 2015 at 10:04am.    2315 Views

TRID ChangesHow TRID Babies Are Progressing

Better late than never! After careful evaluation I decided to watch these TRID babies make their way into the first month of life and report on how they are actually faring on the journey to closing table. No surprise here's  a mixed bag folks. As stressed in prior blogs, it is imperative to have a team of well-educated professionals on your side who truly understand the TRID changes and how to appropriately set everyone's expectations in order to avoid the dreaded 11th hour fallout. 

Cleverly Concoct Your Plan

When interviewing lenders (which you ARE doing...correct?!) be sure to ask pointed questions. Lindsey Akers of Prime Lending states, "any lender can quote fees, rates and basically take the application as they've always done, but closing and closing preparation is where the unprepared lender will fall short." My personal suggestion is to ask your lender of choice if they've seen delays in closing the first round of TRID loans, if so, what caused the delays? How many days on average were closings delayed? Most importantly, has a plan been implemented to thwart further complications? Whether selling or buying, you cannot be over-educated when it comes to TRID and the timeline of action. 


Unforseen delays can range from minor, meaning the loan may close a few days later than the date agreed upon in the original contract OR weeks and weeks later depending on the level of severity, unpreparedness on behalf of the lender, title company or (gasp) even YOU. That's right, TRID is the Federal equivalent of a colicky newborn, and unexpected demands may be made at the infamous 11th hour by Underwriters in order to meet the new standards. YOU, as a consumer will need to be on the ball in retrieving and delivering requested docs throughout the entire process expeditiously.

As we navigate onward into this new chapter of lending and closing home loans, we are not quite ready to breathe that collective sigh of relief. My parting advice...unabashedly ask QUESTIONS, QUESTIONS and more QUESTIONS. 


Jessica Botkin

Greater Dayton Ohio Realtor or 937.469.3404

3 Responses to "TRID Changes Volume III"

Greg Hancock wrote: "Dreaded 11th Hour" :) isn't it ironic how we live in a world of "Hurry up and wait", and jump through so many hoops over so many things. I was discussing this with my business partner Marty Snyder and, personally, I don't think the process will stay the same in the long run (it's a good thing, but like, a painful thing too). My advice to Realtors is to counsel their clients several times about timeliness throughout all the stages of home buying. Great read, thanks for sharing!

Posted on Friday, November 13th, 2015 at 4:22pm.

Amanda B wrote: Fellow agent here, have to say hard to get used to these timelines and herding buyers to be timely. getting there.

Posted on Tuesday, November 17th, 2015 at 11:47am.

Jessica Botkin wrote: Great comments Amanda & Greg! So true on all fronts, the Closing Disclosures themselves are quite the animal to get get used to. Certainly a change from the full disclosure HUD-1 Forms we were all so accustomed to!

Posted on Tuesday, November 17th, 2015 at 8:30pm.

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