What does TRID mean to you?

Front LandscapeBuying a home in Raleigh soon? Take a look at some of the upcoming changes you can expect when buying a home starting in October.

The first question is WHY?

  • The purpose of these changes is to improve the mortgage loan settlement process for consumers by making it clear and precise.

The Good Faith Estimate and the HUD-1 settlement statement will go away on most residential loans in the Raleigh area. These documents will be replaced by the “Loan Estimate” and the “Closing Disclosure.” They are now referred to as the TILA-RESPA Integrated Disclosures (TRID for short). 

Lenders will now:

• Track borrower RECEIPT and

• Track borrower INTENT TO PROCEED

• Will require more upfront data from the ATTORNEY

See the example below!

Loan Estimate

The Closing Disclosure should also be clear and giving to you within 3 days of closing. Three Days! See other examples below.

Closing DisclosureClosing Disclosure 2

You have everything else in the world to worry about. Don’t let buying a home be one of them. Work with an Agent who believes in “No Stress Move Guaranteed” Our lenders have the same belief. Contact us now! Don’t have the conversation that “We kept getting delays and our process was frustrating”  Need more info? No? Great, Call us. 919.368.4012

Did you make it this far down??? Here’s a Consumer Alert from MBA for you courtesy of  Sutton Realty Group and mba.org!

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