TRID: The New Reg on the Block

By the time you read this, TILA/RESPA Integrated Disclosures, or TRID, will be in effect and it will change both the mortgage disclosures you will receive and the timeline by which you can close. Here are the key differences you will notice on your next purchase or refinance:

The forms are different. The Good Faith Estimate (GFE) and the Truth in Lending (TIL) disclosures that you’d receive at the beginning of the transaction will be replaced by the Loan Estimate, or LE. The settlement statement issued just prior to closing, otherwise known as the HUD-1, will be replaced by the Closing Disclosure, or CD.

New waiting periods will apply. Borrowers will now have a mandatory three-day waiting period to examine the closing disclosure before they can sign.

TRID will go into place on October 3, 2015. If you have questions about how it may impact your next mortgage process, get in touch today.

Time is of the Essence

Real estate purchase transactions are inherently complex. And in a competitive market, they also frequently happen under demanding timelines. Up until now, both of these aspects have had the potential to add a healthy degree of stress into the home buying experience. At RPM, we aim to change that for the jumbo loan borrower with our new, 25-day guarantee close program.

Now, when a buyer comes to us for a pre-approval, we can assess if the loan would be eligible for the 25-day guarantee close program. If so and prior to the buyer being in contract, we will fully approve the loan. We will then issue an approval letter that assures the seller we will close the loan within 25 days of contract acceptance. It’s that simple!

If you or someone you know has lost out to all-cash offers and ultra-competitive contingency periods, have them get in touch. We’re putting control and speed back into the buyers’ hands. Find out how today!

Yesterday’s News

If your own profession requires that you keep a close eye on current trends, or involves a level of expertise that is closely tied to a dynamic market, then you can probably relate to what we experience frequently in the mortgage industry.

Specifically, consumers are inundated with information about our industry, interest rates, the Federal Reserve and the financial markets. Hourly, and sometimes even constantly, one can watch the Dow Jones seesaw while alerts overtake the headlines.

But often, the noise is just that – hype. It doesn’t really translate into the mortgage rate available to the end user. In fact, by the time most of the public reads about a trend in the news, it has long since changed - sometimes several times. Rates up or down? Yesterday’s news.

The best advice remains this: If you are in the market for specific and actionable loan terms, tune into your loan advisor first.