Industry Hot Topic:
TILA/RESPA Integrated Disclosures (TRID) PART IV
92% of Title Professionals Will Be Prepared for New Closing Disclosures
via PRWeb
An overwhelming majority of title professionals will be prepared for the Aug. 1, 2015, implementation of the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule, according to a new survey conducted by ALTA.
When asked about title professionals' biggest concerns while preparing for the new disclosures, collaboration with lenders and real estate agents, and potential closing delays top the list.
Title professionals and lenders have been modifying business processes, upgrading software and training staff to comply with the 1,888-page regulation.
According to the survey, 87 percent believe TRID will delay real estate closings for consumers or result in closings taking longer to complete.
The top reasons given as to why closing delays will occur include:
- Changes at the closing table
- Walk-through issues
- small lender/credit collaboration issues
- Lender/Realtor collaboration issues
Consumer Understanding: According to the survey, more than 65 percent of title professionals believe the TILA-RESPA forms will not help the CFPB meet its objective of helping consumers understand or be better prepared to understand the costs of buying a home. The top reasons given include:
- Inaccurate disclosure of title insurance premiums
- New forms highlight the costs but do not explain costs to homebuyers
- New rules could cause potential closing delays
- Too much details for homebuyers to grasp
- Cost of compliance for business passed along to consumers
Access the full survey HERE.
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As you move through the learning curve with these new rules and forms, Bankers Title Shenandoah is here to assist you. Please do not hesitate to call me at 1.888.259.7184 or send me an e-mail. Please reference TRID materials available on the Bankers Title Shenandoah website: TRID Training, Reference and Forms Manuals are available for download HERE. Together We're Prepared! ___________________________________________________________________________
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