Major changes in the real estate industry are coming. Again. The epicenter is on mortgage disclosures and closing procedures. But -all- professions involved in real estate will be affected, so we need to keep our heads up and eyes open.
Today we attended advanced training on the federal Consumer Finance Protection Bureau's collection of changes known simply as TRID: "TILA(Truth in Lending Act)-RESPA(Real Estate Settlement Procedures Act) Integrated Disclosure".
If you don't think that sounds like something "simple" to be known as, then you're already on track to respect, (if not fully understand) the 1,888-page Congressional work of genius that was to "simplify" the disclosures for home buyers and home sellers. All of us, realtors, lenders, title insurors, and many other professional specialists will need to get lots of sleep the week before August 1, 2015 when this simplification drill is going to be unleashed.
Lots more to learn. But for now, we're getting a jump start on being ready for our clients, with lots of preparation in formal classes. For example, today a dozen of us sat for hours of learning and discussion with Kathy McKinley, a 25-year veteran with First American Title Company in Lynnwood, Washington. We sure do appreciate that Kelly Clark, Michelle Field, and their colleagues at First American Title are taking a lead to help the real estate business community and professions in "Snohomish Country" get geared up before our clients get hit by the onrushing "clarifications" so brilliantly launched by Congress.
Stay tuned. This is going to get verrry interesting come August 1, 2015!