Serendipity Sundays- The TRID Surprise
The buyers and sellers haven't seemed to notice. They don't understand these new forms but the truth is many didn't understand the old HUD form.
Serendipity Sundays - The TRID Surprise
It was announced more than a year ago that it was coming. As the first deadline in August of 2015 approached the word was that lenders and closing companies were not ready. The start date was postponed until October 3 and this extra time helped.
Everyone jumped in and provided training to get lenders, agents and closers prepared and educated. When the date came we did not immediately feel any change. Closers and lenders managed and worked long hours on closings to make them right. Now that 3 months have passed, we see it wasn't all that bad. Change is the hardest part. TRID has provided topics for many conversation and provided fodder for many a joke.
The new closing statements are not easy to read after 35 years of the other kind. I was so good at reading those. But I will adjust. The buyers and sellers haven't seemed to notice. They don't understand these new forms but the truth is many didn't understand the old HUD form.
The long delays haven't happened. In fact several of my closings have closed early, even 1 to 2 weeks early. Everyone seems to be attentive and ready to provide the needed data. What we all feared hasn't come to pass. The TRID came but all the gloom and doom did not. That was a pleasant surprise.
Serendipity Sundays - The TRID Surprise
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