Posts from October 14th, 2015
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14
New National Mortgage Process May Slow Real Estate Transactions
A new TILA RESPA Integrated Disclosure (TRID) rule went into effect from the Consumer Financial Protection Bureau (CFPB) requiring new disclosure forms and longer timeframes to approve documentation during the lending process. For example, the closing disclosure (CD) must be provided to a client three days before closing. This means that closings will be pushed back a) if the paperwork is not correct, b) if the paperwork is not provided in a timely manner or c) if certain changes are made to the annual percentage rate (APR) or loan product. Pushing back a closing date to a buyer or seller could mean that they have nowhere to stay as people often plan their housing (and moving dates) around the closing. Also, this new rule makes it mandatory for people to take seve...
