TRID, TRID, TRID

TRID, TRID, TRID – ok, I’ve said it three times fast! The TRID forms will be in use as of August 1st, 2015 – are you ready? I’m sure you all have attended trainings on it, but if not the two new forms (LE – Loan Estimate and CD – Closing Disclosures) are fairly user friendly and will take just a little time to get accustom to them.

Just a heads-up that these new forms will need to provide real estate broker’s and lender’s name, company and license numbers. Also, the CD will provide greater detail for the consumer for all closing costs. One of the biggest changes will be in the CD timing. The lender must provide the borrower with a CD three days before the borrower can sign documents.

So, gone are the days of the HUD-1 arriving at Title the day before or day of closing – we’ll now need to have the CD disclosed to the borrower three days before signing. This is just one of the reasons that all TRID trainers are asking for 45 day closings, so all parties involved have time to adjust.

As for the rate world – rates have been hit for the past week and half. But, in talking with a Financial Planner friend, he believes rates will correct again over the next few weeks. When Greece defaults on their next payment and has effect on the German Bund market, also effecting the US Treasury bond – ultimately effecting rates positively. So, I’ll keep a watchful eye on it for you and keep you posted.