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The Integrated Disclosures

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Download our flyer: The Trident Advantage

 


Here we go!

The new forms and rules under TRID went into effect on October 3, 2015. Here are 5 ways that Trident is making sure your buyer clients – and you – will experience a smooth purchase transaction:

  • Coordination of Services: Trident Mortgage and Trident Land Transfer work as a team every step of the way. You can count on the absolute accuracy of the disclosures and that deadlines will be met.
  • You will receive the Closing Disclosure: Many mortgage companies will provide the Closing Disclosure to the buyer only, following the minimum requirement of the new regulations. As the Buyer’s Agent, Trident Mortgage will also provide you with the Closing Disclosure so you can be sure everything is in order.
  • The Trident Guarantee: Trident Mortgage promises the buyer will receive the closing disclosure 3 business days before the settlement date as required. In the unlikely event the disclosure is not delivered on time, Trident will give a $500 credit to the buyer.
  • Appraisal Ordered Up-front: Most lenders do not order the appraisal until the full loan application has been submitted. Trident Mortgage will order the appraisal early in the process, minimizing potential delays.
  • Courtesy Calls: Trident Mortgage will call the buyer to confirm fees in advance of the settlement date to minimize questions or concerns at the closing table.

It all adds up to the Trident Advantage!


Information every Seller Needs to Know About TRID

Information every Buyer Needs to Know About TRID

Use this handy infographic to let your buyers know the five things you must know if you are buying a home.

5 Things to Know About the Integrated Disclosure (TRID) From a Realtor’s Perspective

The Consumer Financial Protection Bureau proposed delaying the implementation of the TILA-RESPA Integrated Disclosures (TRID) rule until Oct. 3. While this gives the industry two additional months, it’s important to remain focused on getting prepared.

Below is an excerpt of the Top 5 implementation tips for Realtors as they prepare for the October effective date. The realtor perspective is from Ken Trepeta, director of real estate services for the National Association of Realtors.

5 Things to Know About the Integrated Disclosure

Add 15 days to your transaction time.

If you could normally close in 30 days, adjust the purchase contract to 45 days. TRID does not sufficiently address the “unexpected.” The stranger the deal, the more potential for issues, so give it more time.

Manage Closing Disclosure timing.

Borrowers must receive the Closing Disclosure (CD) at least 3 business days before closing and sellers no later than “day of consummation” (the settlement date). NAR helped win limited circumstances that trigger waiting periods after a revised CD is issued. The big impact is that lenders will review, approve, and issue every change, because they are fully liable for everything on the CD, so last minute changes could be problematic. As soon as a change is known, it must be communicated to the lender.

Track progress studiously.

Realtors, loan originators and everyone with direct consumer contact must stay on top of their transactions and customers. Closing documents need to be ready well in advance of the closing date. Loans closing on the 30th of the month should be prepared to close by the 23rd. Buyers shouldn’t expect to make changes, and sellers shouldn’t do anything that could cause a change at the closing table.

Embrace the deadline.

TRID is effective for applications received on or after Oct. 3, 2015. While the CFPB pushed back implementation by two months, everyone should still be making efforts to ensure they’re prepared for October 3.

Focus on THREE things between now and October 3rd.

(1) maintain regular contact with your business partners (lenders, title providers, vendors, etc.); (2) avoid last-minute changes on your end; and (3) help your business partners avoid last-minute changes on their end.


June 25, 2015

Notice of New Effective Date for Implementation of the Integrated Disclosures of Saturday, October 3, 2015

13 Day Comment Period Closes on July 7, 2015

Today, the CFPB issued the proposed amendment to TRID. The proposed effective date is now Saturday, Oct. 3, 2015 (they felt a Saturday would allow time to test systems).

The CFPB has now asked for public comments on the delay itself and on the proposed effective date for the next 13 days. After that date, they will announce the decision to make TRID effective on October 3rd, or August 15th (the earliest possible date TRID can now become effective due to the “administrative error” that was previously published). As far as other changes, the CFPB once again stated that it has given the industry ample time to comply with the rule (21+ months) and that all should be able to comply as of Aug.1. This narrative makes it unlikely for a further extension or substantive change to the rule itself.

The Trident Group will continue to keep you informed of updates and information on TRID on this web page.


June 18, 2015

Breaking News from The Trident Group on the CFPB

Last night the CFPB issued a statement saying they will be issuing a "proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015".

The proposal has not been released yet but should be public shortly. After it is published, there will be a period of time where the public will be allowed to comment on the proposed delay.

The Trident Group has spent months preparing for the August 1st TILA-RESPA Integrated Disclosure (TRID) changes, and while we will continue to prepare our agents for the impact of the new rules, The Trident Group is ready to go, regardless of whether the rules go into effect on August 1st or are officially delayed until October 1st.

For further information and updates on the new integrated disclosures, please check this site often.

Read the statement from CFPB Director Richard Cordray

Introducing New TILA-RESPA Integrated Disclosures (TRID)

BIG changes are coming to the real estate industry beginning 8-1-15! The HUD-1, Good Faith Estimate (GFE) and Truth-in-Lending Statement (TILA) will practically be a thing of the past, replaced by new and more consumer-friendly documentation.

Over the coming weeks, we will be posting information and resources to this page as we countdown to these major changes.


Two new forms have been created to replace the GFE, TILA and HUD-1: The Closing Disclosure and The Loan Estimate. These forms are designed to work together so borrowers can easily compare the documents and ensure they are getting the terms promised to them. We will review each in detail.

 The Closing Disclosure

Under the new regulations, the Closing Disclosure must be provided to the borrower at least three days before the final loan documents are signed. The Closing Disclosure lists information about the loan terms, monthly payments and closing costs. It’s important to know that these are not estimates, but the actual and final terms of the loan.

Review the important features of the new Closing Disclosure at the link below.

The Closing Disclosure

 

 What is an Owner’s Title Policy?

On the new Closing Disclosure and Loan Estimate, the Owner’s Title Policy is labeled as “optional.” However, optional should not be mistaken for unimportant. Without this coverage, hidden risks can seriously impact a buyer’s investment.

Two policies are typically purchased at closing: an Owner’s Title Insurance and a Loan Policy.

Most lenders require a Loan Policy before they will issue a mortgage. The Loan Policy is based on the dollar amount of the mortgage and protects the lender’s own interests in the property should a problem with the title arise. It does not protect the buyer.

An Owner’s Policy is the only protection a new homeowner has if a title problem comes to light after they move in. Some title problems cannot be found in the public records despite thorough searching and can have serious financial consequences.

The Owner’s Title Policy protects against unexpected problems that could imperil homeownership.

  • Purchased for a one-time fee at closing
  • Lasts as long as the buyers or their heirs have an interest in the property
  • The only coverage for the buyer should a title problem arise
  • There is no protection for the homeowner under the Lender’s Title Policy

What can happen if the homebuyer does not purchase coverage? Here are a few real-life examples:

Lines of Credit

After closing, the seller writes a check on the HELOC he just paid off. If there is an Owner’s Title Policy the legal costs to remove the lien are covered, If not, the costs are covered by the new owner.

Forgery

The seller’s adult child had a fraudulent POA drawn up and completed a $100K cash out refinance on the parents’ home while they were overseas.

GAP Coverage

The Seller owed $20,000 to a creditor who filed a judgment 12 minutes before the deed was recorded. It was not “on record” yet to be found by the title company. Since the lien was filed prior to the property being deeded to the new owners, they now are responsible for the $20,000 lien.

Legal Description

A subdivision has 55′ wide lots, but the builder put the homes on 50′ lots resulting in a lawsuit between neighbors over ownership of a 20′ wide strip. Because both owners purchased Owner’s Title Policies their legal fees were covered.

DOWNLOAD OUR FLYERS

Into to TRID
The Closing Disclosure, Page 1
The Closing Disclosure, Page 2
The Closing Disclosure, Page 3
The Closing Disclosure, Page 4
The Closing Disclosure, Page 5
What is an Owner's Title Policy?
TRID Tips for Sellers
TRID Tips for Buyers
The Trident Advantage
 

Phase 2 Training Resources

TRID Phase 2 Presentation, Part 1
TRID Phase 2 Presentation, Part 2
TRID Phase 2 Training for Sales Associates, Recorded Presentation

What Our Customers Say

I wanted to take a quick moment and let you know about my experience with one of your associates, Ruth Falcone. My wife and I started out looking at options for a new home, how much we could afford, etc. In the span of less than 2 months, we went from a mere dream of moving into a bigger home, to the reality of making settlement this past Monday. Ruth could not have been more attentive, approachable, easy to work with and quite frankly made me feel as if I were the most important client in the world to her- She even provided us with assistance on an offer we wanted to make- and it was 1am.... I am not kidding. No matter what the question was, she was always there with the answer. Her dedication to her profession was what has enabled me to navigate this otherwise potentially stressful road to owning our dream house, and she made it easy. She is, by far, not only very professional, knowledgeable, and easy to work with, but clearly took a true ownership in seeing us through this process- I am a General Manager for Marriott International. I earn my living through making people happy, comfortable, making them feel at home when they are on the road, away from their true "home" , which is often stressful to travelers. I have to tell you- Ruth is a rare breed. All too often people get shuffled through processes and are just another file on a desk- What you have in Ruth Falcone is a true treasure & I felt the need to share my experience with you both- Have a great evening & thank you.

~ Kostas & Kristen