TRID is Here

Real Estate Agent with McGraw Realtors

Unless you've been under a rock, you know that we passed a huge milestone on October 3, 2015.  Yep, the TILA-RESPA Integrated Disclosure rules have arrived.  And it's changing life in Real Estate as we know it.

TRID stands for:TRID

T - TILA:  Truth in Lending Act

(Designed to protect borrowers by ensuring that they are aware of the terms and costs of credit so they can act knowledgeably when it comes to a mortgage loan.)

R - RESPA: Real Estate Settlement Procedures Act

(Requires mortgage lenders to provide simple yet complete amounts of info to help aspiring home owners make smart financial decisions.)



But what does this change mean for us?

First, it means we no longer have HUD closing forms.  Now we have a Closing Disclosure form prepared by (Hang onto your underwear here folks) the lender.  GASP?  Can they do that?  Can we trust them?  Won't they cheat?  

A Million Dollars!Not unless they have a MILLION DOLLARS to pay the cheating fine.  Yep, that's up to $1,000,000.00 in fines that can be levied against any lender who knowingly cheats.  For example, if they suppress information from a borrower, they can be fined.  And if the lender gets dragged in by the Real Estate Police for not doing something right, guess who else is getting dragged in with them?  Yep.  You and me!

And that brings us to our second important change which shouldn't be a change at all.  Get in Line Duckies!You'd better keep your ducks in a row.  What that means is document, document, document.  Our paperwork has got to be in order (shouldn't it have been anyway?).  Need a document signed?  You'd better make sure the actual, real buyer or seller is doing the signing and that you're not just jotting down their intials for them real quick.  But surely we weren't doing silly, irresponsible things like that before, right?  Little things matter folks.  

That brings me to the third change.  Lenders now must have ALL documents pertaining to the transaction.  That's ALL documents folks.  Got an inspection report?  Yep, you'd better make darn sure the lender has that bad boy.  And the Repair Supplemental too if you do that in your part of the world.  And guess what?  The lender can require repairs now too if they determine something needs to be in compliance.  Yep, that's gonna be a barrel of fun right there!

The fourth change to be aware of is the Closing Disclosure.  The Closing Disclosure (formerly HUD statement) must be provided to the borrower now at least 3 business days prior to closing and cannot be issued on the same day as the last loan estimate.  After the Closing Disclosure has been issued there can be no further loan estimates issuedNot One Day But Three!.  What this means for us is that if you and I forget to include that Home Warranty and then need to add it after the Closing Disclosure has gone out...yep, we just bought everyone at least 3 more days of waiting AFTER a new Loan Disclosure goes out AFTER taking however much time is required to prepare a new one.  Talking about some mad people!  Better not pull that one folks!


There are other changes and I could spend all day discussing how TRID is going change the world of Real Estate.  But let me share with you a couple of quick changes and then we'll wrap up:

No longer will buyers and sellers close together.  And we won't even be allowed to attend closings unless the buyer gives signed permission for us to be in the room.  Welcome to privacy laws folks.

Better get used to 45-60 day closings.  So long 30 day closings.  We're gonna miss you!

Finally, we need to get picky about who we do business with.  Got an inspector who just cannot get their report in within the inspection time frame?  Yep, that can cause big problems now.  Got a title company that isn't sure what's going on with this stuff?  Run for you life.  And you'd better watch what the other agent on the other side of the transaction is doing too.  Nobody can afford to be sloppy now.  The stakes are just way too high.

Happy Happy HappyIn closing, my first opinion of the new TRID guidelines was not positive.  However, after talking to some of our local lenders who are very much on top of the changes, I'm changing my mind.  The new disclosures are easier to read and understand.  And the changes are going to make sure everyone is doing what they should have been doing all along anyway.  

In short, TRID may just clean up our industry a bit.  

And remember is still king 'cause there ain't no TRID nothin for cash buyers!


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Bob Haywood
Bob Haywood
Owasso, Oklahoma REALTOR®

(918) 272-7272

Click here to check out the awesome HaywoodHomeTeam website.  The premier greater Tulsa and Owasso, OK homes local informational website for your real estate needs. I also have a great blog filled with tons of information regarding Owasso Homes.

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Jeffrey Jones
AZ Home Seekers - San Tan Valley, AZ
AZ Home Seekers,

we have run a cross  a few contracts that were written prior to the 3rd, but they werent through counteroffer stages and acceptance and back to the lender in time to get a file application initiated. We have TRID compliant contracts now but we had a little overlap

Oct 13, 2015 02:01 AM #1
Trent Dalrymple (248) 854-0625
Texana Bank - Bloomfield Hills, MI
Allowing Mortgage Professionals to Lend Nationwide

If your mortgage broker is requiring 45 to 60 days to close then your mortgage broker isn't using the right lender, and they're costing the buyers extra for a 45 to 60 day lock. and that shouldn't happen.  Our 1st "post TRID" loan came in on the 3rd of October and we closed it on the 16th of October, that's 13 days!  No need for more than a 30 day contract to close or maybe find another lender.

Oct 31, 2015 05:08 AM #2
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Bob, it's interesting that now, after a month of TRID, it did not live up to any of the dire predictions!  Our lenders and title companies even like it!  

Dec 15, 2015 10:12 AM #3
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I love the special touch of the rubber duckies all lined up and perfect in their way. I notice the little things.

Jun 10, 2016 12:38 PM #4
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Sometimes things don't live up to what the hype is and that's not necessarily a bad thing always. Cc Patricia Kennedy

Jun 10, 2016 12:39 PM #5
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

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

  • It holds loan officers accountable for 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.
Nov 24, 2017 12:51 PM #6
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