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TRID for Realtors

TRID is coming – and that means we all need to be prepared for how this will impact our transactions.

An easy way to think of this is Disclosures, Dates and Details:

  • The disclosures are changing to be more consumer-friendly
  • Clients will continue to receive the initial disclosure within three days of application, and they will be granted a  minimum of four days to review the new Closing Disclosure before consummation
  • Details – keeping up with any changes that may happen, and making sure the Buyer, Seller, Lender, Realtor and Title Company are aware is more important than ever.

Below are some of the questions and concerns we have heard from you, with our answers.  Please note each bank is unique and some of the TRID changes are open to interpretation, so how we handle certain aspects may differ from other lender’s practices

Trust the experts at Stifel Bank & Trust to handle your clients professionally and efficiently.

IF WE FIND SOMETHING ON THE WALK-THROUGH THAT NEEDS TO BE ADDRESSED, WILL THAT DELAY CLOSING?  No. Changes to seller credits, escrows and pre-paid items do not impact the disclosures or closing schedule.

DO WE HAVE TO SCHEDULE CLOSING 45 DAYS OUT?  Purchase transactions take priority – so we will do what we can to work with your client’s schedule and needs. Call to discuss specifics, but in general there is a minimum of 2-3 weeks for a complete purchase transaction.

WILL I SEE THE CLOSING DISCLOSURE? All parties receive the Closing Disclosure, but only the content relative to their side of the transaction.

WHAT CAN STOP THE CLOSING FROM HAPPENING AS SCHEDULED?The Loan Estimate may need to be revised if the property or borrower don’t perform as expected (credit, income, appraised value, or change in loan program). The Closing Disclosure can go out one day after the final Loan Estimate – so closing will need to be at least one week* after any changes that trigger a new Loan Estimate.

*10 business days if disclosing via US Mail

CAN WE WAIT FOR THE BUILDING INSPECTION TO COME IN BEFORE YOU ORDER THE APPRAISAL? Sure - as long as the timing of the transaction takes the appraisal time into consideration.

DOES “THREE DAYS PRIOR TO CLOSING” INCLUDE WEEKENDS? Loan Estimate Disclosures count M-F as business days.  The Closing Disclosure counts Saturday, too.  National Holidays are not considered business days for either disclosure.

See below for a complete overview of how TRID is changing the mortgage transaction.

TRIDexampleforRealtors.pdf     TRIDoverview.pdf

Trust the experts at Stifel Bank & Trust to handle your clients professionally and efficiently.

Stifel Bank & Trust, NMLS# 375103
12655 OLIVE BOULEVARD, SUITE 250, SAINT LOUIS, MO  63141
Direct:  (314) 317-6900
mortgages@stifelbank.com
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