I would probably say that it is the government gremlins at work trying to "help" us all! 

Here's your chance! I don't know what it is!!!

I let the experts explain it.

Nov. 2017, two years after TRID implementation, here's my observation:

• It holds loan officers accountable to their initial offering of terms and costs, which in turn helps reduce last-minute surprises to the buyer.
• It adds 3 to 5 days or more to the closing process.

I explain it as the new requirements for disclosure that causes delays in getting to the closing table. Everyone seems ot understand that.

I just wrote a blog about TRID that may help: http://actvra.in/4Jhm

Joe has explained it well. I will advice my clients that they should provide documents to loan officers as soon as they are requested and they should not do anything that may affect their credit.I will explain why closings  may be delayed .

Good morning Ginger. It is important to review this topic with your favorite loan officer, as both of you need to be on the same page.

In any explanation, it should be described as a benefit to the buyer, but one that will add some delay to the transaction.

Make it a great weekend!

I have no idea. It seems as if it has something to do with the new HUD laws.

Ginger Harper- we have many posts from our in-house experts, if you want to learn.

Now for me, it's simple - I tell buyers that this is going to be very complicated, buy before August (and now, it's pushed to October!)

mainly for me as a broker it means I will need to explain to sellers the whys of closings taking longer and allow more time when writing an offer.  I also have had an attorney create a buyer permission form for me to be allowed to see the closing disclosure.

I didn't think it was all that confusing.  I don't know what all the fuss was about.  Usually a lender or buyer doesn't change the type of financing at the last second.  There is more to it than that but I don't see what all the fuss was about.  Do better work!

I've had my team attend workshops offered by mortgage and escrow companies here. They will provide handouts to give to our clients to prepare them. My main advice is allow at least 2 weeks additional time for closings that have financing.

It's our responsibility to understand that TRID will impose no less than 3 day closing disclosures and that the HUD-1 settlement statement is eliminated (and most attorneys and escrow agents who prepared these will no longer be preparing the closing disclosures because the lenders will not be delegating the risk or responsibilty for the proper presentation and preparation of this statement).  Agents should also know what a loan pre-approval is going to entail vis a vis TRID.

This is our job, this is our responsibility to know this stuff.  As a broker/owner I am shocked by the number of agents who are walking around who don't know what the CFPB is or that the HUD-1 is actually going to be replaced on August 1 (now Otober 1).

TILA RESPA Integrated Disclosures.

A new set of disclosures being introduced by the CFPB to replace the TIL Disclosure and the GFE, as well as the HUD-1. Originally slated for deployment on Aug 1st, it's recently been delayed until October 1st.

Of big concern is the new rules about the three day waiting period before clsoign that must be honored after the "Closing Disclosure" is issued. The CD replaces the HUD-1. There are some changes to a transaction that will trigger a redisclosure of the CD, and thus start a new 3 day waiting period.

Also, rather than the GFE and the TIL, lenders will now disclose a Loan Estimate (LE), which combines the previous two forms. The issue with this, is that there seem to be pretty strict rules surrounding who can issue it and what the tolerances are. Rather than an LO or broker issuing the LE, the actual creditor will have to do it. This sounds like it will take longer than usual and reduce how nimble some lenders and brokers can be.

It should be fun!