What do the new TRID mortgage regulations mean for me?
The new TRID regulations are making the mortgage process smoother and more transparent, but there are a few things you need to know. Drew Lightowler with New Penn Financial breaks down what the new regulations mean and what you can do to make the transition easier.
Complete transcript: “Hi, my name is Drew Lightowler, vice president and branch manager of the Plus Relocation Mortgage Team at New Penn Financial. My question for today is, ‘What do the new TRID mortgage regulations mean for you?’
Let’s first start off with the question, ‘What is TRID?’ TRID stands for Tila-Respa Integrated Disclosure. Effective October 3, 2015, the consumer financial protection bureau implemented new application disclosures, closing disclosures, and timelines for people wanting to close on a new home purchase. Don’t be scared. The new documents are actually a lot more clear and transparent for people to understand. There are two important documents.
The first is the intent to proceed. The intent to proceed is necessary at the time of application just to start the process itself. The second is a confirm receipt of closing disclosure. This needs to take place at minimum three business days prior to closing on a new home. What can relocating employees do to make the process easier?
Number 1: Have them start the process as soon as possible. Have them work with a relocating mortgage expert to review their circumstances so they know and understand what important documentation they need to gather prior to leaving their departure home.
Number 2: Let’s get back to that relocation mortgage expert. Have them work with one so they know and they understand relocation, the language, the guidelines and necessary documentation for a successful close.
Number 3: Extra time. I suggest adding at minimum 10 days to a normal closing time. This way you can make sure everything goes through the process and have a little padding on your closing.
With that in mind you can be assured that your relocating employees will start the process off on the right foot. Thank you.”