Industry Hot Topic: (TRID)
TILA/RESPA Integrated Disclosures PART VII
"Yes, TRID spelled backwards is DIRT, and the industry is covered in it." ~ Rob Chrisman, Mortgage Industry Blogger
Redefining When The Mortgage Process Starts
It's not what you think
by Mark McElroy for Housingwire
If you ask mortgage professionals when the mortgage process starts, their answer is likely to be, "When the consumer fills out the 1003 application." That is incorrect.
The mortgage process really begins when a consumer decides to buy a home, and lenders aren't the only ones guilty of taking an insular view of their role in the home-buying process. Each player on the business side of the transaction - the lender, the real estate agent and the title company - view their responsibilities as being separate, yet related activities.
With the changes the TILA-RESPA Integrated Disclosure (TRID) is going to bring not only to the mortgage lending process, but to the entire real estate process, it is more critical than ever for all these parties to start viewing themselves as part of a larger home-buying ecosystem.
Collaboration and communication are going to be the keys to ensure a positive closing experience for consumers, post-TRID. Click HERE to read more.
MBA Launces Know Before You Owe for Homebuyers and Mortgage Lenders
by Trey Garrison for Housingwire
"MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process," said MBA President and CEO David Stevens.
The resources are comprised of several documents designed to assist consumers and the broader real estate community in plain, easy-to-understand language. They include:
- Consumer One-Pager - Targeted for consumers and covering the changes of Know Before You Owe;
- Lender One-Pager - Targeted for real estate agents and broker partners, also covering the changes brought by Know Before You Owe;
- PowerPoint Slide Deck - Targeted for real estate agents and broker partners to use in presentations with colleagues.
To view and download any of these documents from MBA's website, click HERE.
CFPB Releases Index to TRID Compliance Questions ______________________________________________________________________________
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 Butch Rutherford 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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