(Thanks to Ticor Title for simple explanation)
Buyers fasten your seatbelts as the government rolls out new regulations on loan disclosures in October.
Are you ready for TILA RESPA Integrated Disclosure rule -TRID! The newest twist from the CFPB (Consumer Financial Protection Bureau) aims to clear up any buyer misunderstandings about settlement charges. Anytime a new program of this magnitude comes online consumers and their agents should expect some delays in closings. More importantly buyers really need to understand the what it takes to “apply for a mortgage” within the timeframe in their purchase contract…..or risk the consequences of not meeting dates.
More information will be dribbled out as the October 3rd activation date approaches or if you want the cliff notes on TRID – the 90+ page handout helps condense the 1000+ pages from the CFPB.
Consumers applying for a mortgage prior to October 3rd will use the old forms and processes. Maybe it’s time to begin your HomeSearch now!