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TRID Know Before You Close # 2

By
Mortgage and Lending with Watermark Capital NMLS #311662

We have been preparing for this for a while. If we have Pre-Approved borrowers I think we should still be able to honor 30 day closings.

People I have spoken to seem most concerned that any changes will cause delays. If your lender is on top of their game you should not be concerned.

The only fees that cannot change at all are fees paid to the creditor or broker (and they should not anyway), Transfer taxes(which are just a calculation) and fees paid to an affiliate of the creditor or a third party the creditor made you use.

Recording charges and services the consumer was allowed to shop for or is not affiliated with the creditor can generally go up 10%.

Other costs which are the ones the usually are affected by timing such as Prepaid interest, Insurance Premiums, Amounts paid into Escrow and services selected by the consumer not recommended by the lender can have unlimited changes.

The bottom line is, this probably will not be as bad as some people think.

Posted by

Matt Brady

Branch Manager, NMLS ID#311662

(858)342-8659 cell |

matt.brady@watermarkhomeloans.com  
8885 Rio San Diego Dr │ Suite 201  San Diego, CA 92108     

 

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Comments (2)

Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

I hope not,  but here in Tn they are preparing for the unknown.  I am a little nervous about the changes. But hope in time it will work out better in the long run.  Just getting use to change is always a concern.

Sep 16, 2015 12:39 PM
Matt Brady
Watermark Capital - Del Mar, CA
One of San Diego's Best Equity Advisors

Hi Rose Mary Justice, overall this will be better in most ways, as the current GFE was designed by congress and made no sense at all. We as lenders will do everything we can to keep it from causing delays.

Sep 16, 2015 06:01 PM