The CFPB implemented TRID, or the TILA-RESPA Integrated Disclosure, on October 3rd. TRID extends the period of time the buyer has to read the closing documents during a real estate transaction.
It’s important to note that your close of escrow could be delayed. In total, there is a six-day period for the transaction to be completed. The CFPB has determined that consumers would be better served by having a shorter time to review the new Closing Disclosure before signing the loan documents. This results in consumers having three days after receipt of the Closing Disclosure to review the contents of the form. However, the three-day review period begins upon receipt of the form by the borrower. This results in a six-day period from mailing to loan signing.
Your closing disclosure will also change. The HUD settlement statement will still be present, but it will look different than before because it is now called the Closing Disclosure. The breakdown is going to be more finite, so it may cause some confusion when these changes are first implemented. We recommend that agents call the title company if you have any questions, rather than trying to answer them yourself.
The biggest thing that the buyer needs to be aware of is that transactions will take longer to close. They will be given more information that they need to look at before they can close the transaction, so it will take a little longer. The good news is the extended time frame gives you more time to ask questions and understand exactly what is going on.
If you have any questions about this major development, please don't hesitate to contact us. If you need to get out of your home quickly, some of our lenders do have loan programs available that aren't subject to TRID regulations.
We look forward to speaking with you!
What "major" change? Doesn't look like much has changed. Video lacks information, mostly promotion blip.
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