If you are purchasing a home or condominium, and you will be making your LOAN APPLICATION AFTER Saturday, October 3rd, the process is changing! And could be a bit complicated if you don’t work VERY CLOSELY with your real estate agent, your lender and your closing attorney!!
If you have purchased in the past, maybe you remember last minute amendments to your Purchase and Sale Agreement? Maybe they were to correct a name, or an address, or clarify a special stipulation in the Agreement? Ah, not so fast now!!!!
The new TILA-RESPA Integrated Disclosure Rule (TRID) is going to make follow up ever so important! NOW, when you receive something from your agent, your lender or the closing attorney, it will require your IMMEDIATE and FULL attention. Due to new disclosure time lines, everything must be in place at least 10 days before the closing (to assure that everything moves on schedule!)
Every purchased a home or condominium with a “back-to-back” closing? Where you needed to close on your first residence so you could buy your next home? These types of closings will be even more difficult to manage, because if anything goes wrong on the first closing, that messes up the days needed for the disclosure, it will in turn delay your next closing.
In a nutshell, what does this all mean? It means you need to have YOUR TEAM in place, and have your real estate agent as your Quarterback to make sure the process is moving along. Anytime you are sent something that requires you read and sign, you need to give it you immediate attention, so it can be handled accordingly!
Changes like this can be challenging, but I’m here to help you through, every step of the way!
For More Information about the new Process and understanding it, CLICK HERE for the Consumer Protection Financial Bureau and helpful information about the new forms.