{"id":1488,"date":"2015-07-03T13:07:50","date_gmt":"2015-07-03T13:07:50","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=1488"},"modified":"2020-07-13T22:34:35","modified_gmt":"2020-07-13T22:34:35","slug":"what-is-a-trid-and-how-will-it-affect-agents-attorneys-buyers-and-sellers","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/what-is-a-trid-and-how-will-it-affect-agents-attorneys-buyers-and-sellers\/","title":{"rendered":"What is a TRID and How Will it Affect Agents, Attorneys, Buyers, and Sellers?"},"content":{"rendered":"<figure id=\"attachment_1633\" aria-describedby=\"caption-attachment-1633\" style=\"width: 300px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1633 size-medium\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/TRID-change-ahead-300x200.jpg\" alt=\"What Realtors, attorneys, buyers, &amp; sellers need to know about how TRID will change a purchase closing\" width=\"300\" height=\"200\" \/><figcaption id=\"caption-attachment-1633\" class=\"wp-caption-text\">What Realtors, attorneys, buyers, &amp; sellers need to know about how TRID will change a purchase closing<\/figcaption><\/figure>\n<p>Whether everyone likes it or not, the <strong>TILA RESPA Integrated Disclosure Rule or TRID, is going to happen on October 1, 2015.<\/strong>\u00a0 TRID which is mandated as part of Dodd-Frank, is meant to help consumers to understand the key features, costs, and risks of the mortgage loan for which they are applying and is changing the process of a mortgage loan.\u00a0 All real estate attorneys, settlement companies, and mortgage lenders have been working frantically on education and updating software for these changes which are very different so make sure you understand this well.<\/p>\n<h4>There are two new forms created by TRID which are the:<\/h4>\n<ol>\n<li><span style=\"text-decoration: underline;\"><a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Loan Estimate<\/a><\/span> (Replaces the Good Faith Estimate, Initial Truth in Lending, and the Servicing Transfer Notice)<\/li>\n<li><a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Closing-Disclosure-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Closing Disclosure<\/span><\/a> (Replaces the HUD, Final Truth in Lending, and Itemization of Amount Financed).<\/li>\n<\/ol>\n<h4>First of all, TRID covers all mortgage transactions except the following:<\/h4>\n<ul>\n<li>HELOCS &#8211; Home equity lines of credit<\/li>\n<li>Reverse Mortgages &#8211; <span style=\"text-decoration: underline;\"><a href=\"http:\/\/teammovemortgage.com\/reverse-mortgages-nc-sc\/\" target=\"_blank\" rel=\"noopener noreferrer\">Learn more about Reverse Mortgages here<\/a><\/span><\/li>\n<li>Mortgages secured by mobile homes or dwellings that are not attached to real property (land)<\/li>\n<li>Loans made by creditors that make 5 or fewer loans per year<\/li>\n<\/ul>\n<h4><strong>Frequently asked questions and answers about TRID: Click on the text to see what the forms look like<\/strong><\/h4>\n<p><strong>When do the new forms need to be used?<\/strong>\u00a0 These forms are to be used for Loan Applications taken on or after October 1, 2015.\u00a0 So any applications taken before this date would use all normally used forms from before (GFE, HUD, etc)<\/p>\n<p><strong>Can a lender collect fees from the borrower up-front?<\/strong>\u00a0 A lender may not collect any fees from a borrower prior to the issuing of a <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Loan Estimate<\/span> <\/a>and receiving an intent to proceed from a customer\u00a0EXEPT for the collection of a credit report fee<\/p>\n<p><strong>When is a Loan Estimate to be provided to the borrower?\u00a0 <\/strong>A lender must provide the <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Loan Estimate<\/span> <\/a>within 3 business days of the loan application.\u00a0 3 business days for the <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Loan Estimate<\/span> <\/a>means the normal operating business days so if a mortgage company is only open Monday &#8211; Friday, those are the days counted other than Federal holidays.<\/p>\n<p><strong>How does the closing work now?<\/strong>\u00a0 Now a lender is to provide the borrower with a lender prepared <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Closing-Disclosure-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Closing Disclosure<\/span> <\/a>3 business days prior to the closing.\u00a0 3 business days prior to the closing has a different definition and this is all days except Sundays and federal holidays.\u00a0 This gives the borrower 3 days to review the numbers, have their funds ready for closing, and be able to plan on with great certainty that their purchase will close on the closing date (barring issues such as the buyer&#8217;s home they are selling doesn&#8217;t close or other such issues).<\/p>\n<p><strong>Once the <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Loan Estimate<\/span> <\/a>is disclosed to the borrower, can the numbers change?<\/strong>\u00a0 Yes, there can be changes in certain fees and each group of costs has certain tolerances ranging from zero tolerance to not having a tolerance.\u00a0 For instance, costs to the lender or\u00a0that the borrower may not shop around\u00a0cannot increase unless there is an allowable Change of Circumstance such as going from floating to a rate lock, acts of God, hurricanes, earthquakes, credit score changes, removal of a borrower, change in loan program or loan amount, consumer requests a change, the <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">loan estimate<\/span><\/a> expires, delays in settlement date on a construction loan, or change in appraised value.\u00a0 The lender has no control of the before mentioned items so changes because of these are ok.\u00a0 An appraisal falls into the category of zero tolerance because the borrower may not choose an appraiser so this fee may not increase unless there is a valid change of circumstance.\u00a0 There are certain items (insurances, escrows, and daily interest) that the lender is not held to a tolerance because it is very hard to predict how much a borrower&#8217;s insurance may cost which then makes predicting the escrows tough and then the closing date could change for many reasons so the daily interest is not held to a tolerance.<\/p>\n<p><strong>What is the deal with closing the mortgage loan twice?\u00a0<\/strong> There are not two closings.\u00a0 Once the loan has final underwriting approval, the borrower is provided a <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Closing-Disclosure-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Closing Disclosure<\/span> <\/a>with the final numbers 3 days prior to the closing and on the date of the closing, the borrower(s) attend closing to sign all of the paperwork.<\/p>\n<p><strong>I have heard that if anything changes at all after the <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Closing-Disclosure-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Closing Disclosure<\/span> <\/a>is provided that the 3 days has to start over, is that true?<\/strong>\u00a0 No, the only changes that require a new 3 day wait period are:<\/p>\n<ul>\n<li>APR becomes inaccurate if changes made by the lender cause the APR to increase greater than 0.125% on a fixed loan or .25% on ARM&#8217;s<\/li>\n<li>Changes to loan product<\/li>\n<li>A prepayment penalty is added to the loan<\/li>\n<\/ul>\n<p><strong>How is\u00a0the <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Loan Estimate\u00a0<\/span><\/a>different from the prior Good Faith Estimate and Truth in Lending?\u00a0 <\/strong><\/p>\n<ul>\n<li>Believe it or not, the 2010 GFE did not show a full payment with escrows for taxes and insurance or the estimated cash to close and the <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Loan Estimate<\/span><\/a> does show this which is much better.<\/li>\n<li>The <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Loan Estimate<\/span><\/a> shows the projected\u00a0payments for years 1 &#8211; 7 including principal, interest, &amp; PMI (if applicable) so this will account for adjustable rates changing\u00a0or for PMI being removed or reduced in the future<\/li>\n<li>Page 3 shows the first 5 years total to be paid by the borrower in principal, interest, mortgage insurance, and loan costs as well as the principal that has been paid by the borrower on the loan<\/li>\n<li>Rather than the Truth in Lending showing the total of payments made over the life of the loan, the <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Loan Estimate<\/span> <\/a>shows the percentage of the loan amount paid in interest over the life of the loan.\u00a0 For instance, it may state 69% is the &#8220;total amount of interest that you will pay over the loan term as a percentage of your loan amount.\u00a0 This does not mean that you are paying a rate of 69% of course<\/li>\n<\/ul>\n<p><strong>How is the <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Closing-Disclosure-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Closing Disclosure<\/span> <\/a>different from the prior HUD settlement statement and the Final Truth in Lending?<\/strong><\/p>\n<ul>\n<li>The biggest change we believe is that now the lender prepares the final numbers instead of the closing attorney or settlement company.\u00a0 This even includes completing the seller side of the transaction.<\/li>\n<li>The <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Closing-Disclosure-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Closing Disclosure<\/span> <\/a>states right on the front page a summary of the payment, total costs, etc rather than the HUD showing these items very small on page 3.<\/li>\n<li>The <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Closing-Disclosure-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Closing Disclosure<\/span> <\/a>shows how much the payment will be with principal, interest, and PMI for years 1 &#8211; 7 and then 8 &#8211; 30 which was sort of shown on the Truth in Lending before<\/li>\n<li>There is a clearly defined borrower paid column and seller paid column for determining who pays the different costs of the transaction<\/li>\n<li>The <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Closing-Disclosure-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Closing Estimate<\/span> <\/a>has a clear summary of the costs and cash to close comparisons with the initial <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Loan-Estimate-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Loan Estimate<\/span> <\/a>and shows how much any numbers changed (if any) and shows where to see the differences.\u00a0 This will put an emphasis on lenders being as accurate as possible up-front in the process which we are very good at.<\/li>\n<li>Pages 4 &amp; 5\u00a0of the <a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Closing-Disclosure-Example.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\">Closing Estimate<\/span><\/a> has some definitions, statements about prepayment penalties and such if they apply, and the contact information for the lender, closing agent, listing agent, and\u00a0buyer&#8217;s agent.<\/li>\n<\/ul>\n<p><strong>What is the key to closing a loan on time without headaches?\u00a0<\/strong> Communication with the borrowers, communication to the realtors, communication with the title company \/ attorney, and communication with the lender.\u00a0 This is where our Team Move excels as we make sure that we communicate consistently with all parties so that no one gets lost in the transaction.<\/p>\n<p>[av_button_big label=&#8217;Contact Team Move to Learn More About TRID &#8216; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/contact-us\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;]<br \/>\nClick here to learn more about TRID and answer any question you have<br \/>\n[\/av_button_big]<\/p>\n<p><strong><em>Team Move\u00a0lends in\u00a0areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC.\u00a0 North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether everyone likes it or not, the TILA RESPA Integrated Disclosure Rule or TRID, is going to happen on October 1, 2015.\u00a0 TRID which is mandated as part of Dodd-Frank, is meant to help consumers to understand the key features, costs, and risks of the mortgage loan for which they are applying and is changing [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,24,33,17,19,201,40,41,48],"tags":[422,9,10,423,12,13,98,310,18,311,20,424],"class_list":["post-1488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-fha","category-frequently-asked-questions","category-products","category-recent-changes","category-regulation","category-tips","category-usda","category-va-loans","tag-closing-disclosure","tag-first-time-buyers","tag-homebuyers","tag-loan-estimate","tag-lumberton-board-of-realtors","tag-mortgage-faqs","tag-nc-purchase-contract","tag-pinehurst-southern-pines-association-of-realtors","tag-realtors","tag-sanford-area-association-of-realtors","tag-team-move","tag-trid"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast 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