Tuesday, September 29, 2015

TRID! What does it mean to you?





TRID execution is quickly approaching!  What is TRID? TRID stands for TILA (Truth-In-Lending) RESPA (Real Estate Settlement Procedures Act) Integrated Disclosure. TRID was delayed earlier this year, pushed back from an August 1, 2015 start to this week.

What does this mean to you? TRID brings with it additional timelines designed for consumer protection and new forms. Expect your home purchase process to slow down a bit. From what I'm hearing, expect the typical closing time to slow from 30 to 45 days.

On October 3, 2015, new documents will replace the GFE and HUD-1. The GFE will be replaced by the Loan Estimate. The HUD-1 will be replaced by the Closing Disclosure.



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