Mortgage Monday with Margaret: It’s Time to TRID!

“The way to get started is to quit talking and begin doing.” Walt Disney

Over the past 6 months, we have excessively discussed the new TILA-RESPA Integrated Disclosures (TRID). We have had so many TRID discussions that most of us are sick of TRID even before it is implemented!

Below are the top 5 things that the average consumer needs to know about TRID which goes into effect this Saturday, October 3rd.

  1. The new TRID disclosures are more user friendly and easier for the average consumer to understand.
  2. TRID may slow down the home buying and refinancing processes. Expect most loan closings to take from 35-45 days instead of the 30 days we have come to expect. 
  3. TRID rules require lenders to be more accurate in quoting loan related fees. 
  4. TRID rules are designed to give the consumer extra time to analyze the costs of financing and make a more informed decision before consummating loan documents. 
  5. TRID rules are extremely complicated for lenders to follow, so only choose reputable lenders who are prepared to operate in the new TRID world. 

So now the time has come to stop talking and begin TRIDDING!

Homeowners Financial

margaret

Margaret Livingston | Licensed Mortgage Professional Homeowners Financial Group LLC   Mobile: (602) 309-5558  Email: mlivingston@homeownersfg.com  NMLS# 309479

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