As you likely know, the TILA/RESPA Integrated Disclosures rule, or TRID will go into effect on October 3, 2015. The changes are meant to streamline and clarify the disclosure and closing processes for consumers; and, consequently, will require some adaptation from lenders and real estate professionals. As a company, Fairway Independent Mortgage is ready for the implementation and we want to make sure you are too. These are what we feel are the three most important things for real estate agents to know about TRID:
- Work with a lender who has great communication with all parties. At Fairway, we believe in keeping all parties involved in the loan process up to date every step of the way. We pride ourselves on being an excellent resource to you and your clients.
- Communicate info about invoices, repairs, changes, etc. as soon as possible to the lender. To make sure the loan process runs smoothly, it is very important to keep the lender informed about any changes as quickly as possible. This will help to make sure that nothing is held up during the loan process due to incorrect information.
- Use a “Day 1”mentality of doing things today – not tomorrow, not next week, TODAY! There is no time like the present. Using a “Day 1” mentality will ensure that the home loan process moves as quickly as possible.
As a Mortgage Planner, I am happy to answer any questions you may have and provide you with any additional help that you may need. You can count on my team to make this transition easy for you. Please call me if you would like to discuss TRID or how I can help to support your business.