New Mortgage " TRID" Changes Effective 10/01/15 NOW

June 27th, 2015

Well, as the government gets MORE involved ( = MORE CONFUSION) with the Mortgage/Real Estate business world, in their attemPt for additional transparency, the initiation of the new TRID ( TILA RESPA INTEGRATED DISCLOSURE) has been put off from 8/1/15 TO 10/1/15. Basically, it will involve a new Loan Estimate Disclosure combining the GFE and TIL to be given to the consumer no later than 3 days after loan application, AND a new Closing Disclosure which combines the HUD 1 and final TIL to be given to the consumer at least 3 days prior to consummation of the loan. This change is for Closed -End Mortgages,NOT Equity lines, Reverse Mortgages, Mobile Homes, or Land. It really should not be that big a deal, as there is not much difference in the info. presented, just a new look at an attempt to additionally protect the consumer. The PROBLEM in my mind is timing. It is hard enough to try to meet lock and closing deadlines, BUT now that the Closing Disclosure must be presented 3 days prior to close, WOW! This will put more stress on everyone, especially the Closing Agent and Lender to get their work done sooner so the Closing Disclosure can be presented.Will a 30 day lock & close even be possible anymore? As for me, I am going to recommend longer locks & closing deadlines, as this could become sticky! The friction between Mortgage Broker,Realtor, Closing Agent and Borrower will be no doubt be put to the test. For the best rates & service, call on us-DIVERSIFIED MORTGAGE BROKERS, serving Central Va. and beyond for 26 years.Tel: 434-237-3143, Email:, Web:  . WE EDUCATE & DELIVER !

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