How 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 but...it'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.
TRID Said WHAT?!
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.