October 3rd, 2015 TRID Changes: A Team Mentality is Vital for Success

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

October 3rd, 2015 TRID Changes:

 A Team Mentality is Vital for Success     

 

 

     By now, I'm sure you've heard about the BIG changes coming to home buying and mortgage financing ...      

     

     Those changes are called Tila-Respa Integrated Disclosures, or TRID for short.  

     They take effect on October 3, 2015 and include ALL Residential Mortgage Loan Applications taken on and after that date. 


     Long talked-about prior to their effective date, these changes are being put into place to help Buyers and Sellers educate themselves and become more informed about their real estate transaction and mortgage process.  

 

     The 3-day Disclosure Period (minimum) within these TRID changes is meant to provide more time to clients when receiving exact costs related to their loan.  The hopes are that this will result in an extra layer of protection to those borrowing money when buying or refinancing a home. 

     Much has been written in regards to the pros and cons of these new changes, both from a consumer's point of view and the professional one.  But many concerns raised can be addressed and overcome if everyone involved in the transaction practices a "team" effort and mentality.  


     What do I mean by that?


     Consistent, clear communication between all parties will help facilitate progress within the transaction.  Discussions between Lender and Realtor regarding realistic Closing Dates will become more important than ever.  


     Here in the Chicagoland (Illinois) area, it's my opinion that transactions should be factored for 45 days, at least until these changes are adjusted to.  


     Communication between agent and lender will become especially critical when determining Closing Dates.  If the deal goes smoothly, closings can occur in less than those 45 days.


     Attorneys, a component of many Chicagoland (Illinois) transactions, will now be heavily depended upon to provide Title Commitments and other documentation in a timely fashion. 


     Notification of Attorney's Fees, and billing for other documentation or services, must also be reported much earlier in the process upon the implementation of these TRID changes.


     Again, the need for a team mentality throughout the entire process cannot be over-stressed.  If one person involved within the transaction (professional or client) "drops the ball" or fails to perform to the new standards, the Closing Date could be delayed.  


  •           Good communication  
  •           Complete cooperation between parties  
  •           Consistent teamwork       

 

     If these 3 things are enacted successfully, there should be no major problems regarding the new TRID rules come October 3rd ...



    
 

     *  Hoping to Buy or Refinance a home in New LenoxWill County, or elsewhere in the greater Chicagoland area?  Contact Me !  I'll be happy to hear from you and put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Gene Mundt

Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220  -  WI Licensed

American Portfolio Mortgage Corp.

NMLS #175656

 

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

 

 

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

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Groups:
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Tags:
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october 3 2015 mortgage changes

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Rainmaker
1,816,751
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Tomorrow's the big day! We'll see how everything shakes out, but for now, I'm planning to write in a bit of extra time as a close of escrow date. Communicating well will be more essential than ever so a strong team of buyer/real estate agent/mortgage lender is crucial.

Oct 02, 2015 05:39 AM #1
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2,191,051
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Communication between the agents and lender is key. Soon all the hype will go away, and we will absorb this change like all the other changes we've been subjected to in our industry. 

Oct 02, 2015 07:02 AM #2
Ambassador
3,862,223
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene tomorrow is the big day.  I am still scratching my head about them choosing to start TRID on a Saturday instead of Monday.  But the more I think about it, why should they start to make sense now :)

Oct 02, 2015 09:52 AM #3
Ambassador
3,970,019
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Gene- I think you're on to something.  If everyone focuses on the mutual goal then it can go smoothly. 

Oct 02, 2015 11:51 AM #4
Rainmaker
2,284,301
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Gene. I have studied these new regulations every which way, I am as ready as I can possibly we, but will get tested on Monday, as I have two application scheduled. No matter what, we will all be just fine, as you said one important piece is extraordinary communication.

Make it a great weekend!

Oct 02, 2015 07:41 PM #5
Rainmaker
3,305,975
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

I don't think this is the "add weeks" to closing that was forecasted....and at long last the lenders who waited until hours before closing will have to perform their dance steps with better rhythm.

Oct 03, 2015 06:20 PM #6
Rainmaker
1,240,846
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

I think that's very smart, Lottie Kendall ... at least in the short term while everyone gets accustomed to these changes ...

True, Debbie Laity ... this too shall pass ...

Gene

Oct 04, 2015 08:45 AM #7
Rainmaker
1,240,846
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Amen, George Souto .... Amen!

You'd think this would be common sense or routine, Kathy Streib .... but not always ...

Gene

Oct 04, 2015 08:47 AM #8
Rainmaker
1,240,846
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

You're absolutely right, Joe Petrowsky ... we won't know the fall-out from this until actual application of it.  REady or not ...

Although the "last minute" scenario happens, I know in many cases ... it's not always the lender holding the figures or docs up, Sally K. & David L. Hanson.  But we are bottomline with those facts, docs, and figures ... so it appears that way.  In many cases I've personally been involved in ... it is communication holding things up ... or attorneys, etc. not turning in their billings until the very last second.  It's very frustrating when those things happen ...

Gene 

Oct 04, 2015 08:50 AM #9
Rainmaker
2,792,807
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Teamwork does make the dream work as I said before and there's a reason why somebody made that phrase.

Oct 05, 2015 04:43 PM #10
Rainmaker
2,792,807
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I was really inspired response but I can never match it I'm afraid because it's so thorough.

Oct 05, 2015 04:45 PM #11
Rainmaker
2,792,807
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

That comment was intended for the previous commenter that I can properly at all for some reason.

Oct 05, 2015 04:46 PM #12
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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