TRID or RESPA/TILA Implementation. Ken Trepeta Director Real Estate Services
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1 TRID or RESPA/TILA Implementation Ken Trepeta Director Real Estate Services 1
2 Industry Implementation Concerns Implementation Concerns New combined disclosures will require substantial technology changes As an example, Closing Disclosure does not use Series numbers from HUD-1 (1100 series for title) No distinct line for a distinct service Mortgage companies and settlement agents just overhauled their disclosure technology in 2009 for GFE and HUD-1 Employee training Costs of implementation will be substantial 2
3 Timing of Closing Disclosure o Closing Disclosure: Consumer must receive three business days before consummation Unless Bona fide personal financial emergency Written statement by consumer Printed forms prohibited Not well defined- must be real crisis like imminent bankruptcy, not losing a rate lock or earnest money even. Seller must receive no later than day of consummation 3
4 Timing of CD Part Two Closing Disclosure: If Closing Disclosure becomes inaccurate before closing, provide corrected disclosure at or before consummation Still must be able to inspect one business day prior to consummation Limited changes require a new three-business-day waiting period: Changes above APR tolerance Change to loan product Addition of prepayment penalty This is a change from proposed rule (that NAR fought for) Changes in dollar amounts $100 or greater would have required a new waiting period. 4
5 The Big But on 3 Day Period CFPB only requires a new three day waiting period for major changes to loan terms but They make the lender ultimately responsible for everything on the CD. The Lender can t sign away this responsibility. So Lenders want to approve EVERY change to the CD which is fine if they are at the table but in many cases the ultimate lender is not and could be 1000s of miles away. 5
6 Pre-Approvals Pre-Approvals can be done. One should think of the pre-approval and the LE as largely separate processes. TRID governs the LE and not the Pre-Approval LE Application defined by 6 elements: - Borrower name - Property address - Income - Estimated value of property - Social Security Number - Mortgage loan amount There is only an issue if you collect all the items for LE during the pre-approval process (including an address), then an LE must be issued. Otherwise it does not. 6
7 10 Day Shopping Period We have heard about the 3 day periods but the ten day shopping period can be an issue slowing down the process. Currently- the lender orders the appraisal at application (and takes the appraisal fee). Under the rule, one cannot charge for anything more than a credit report until the customers gives their intent to proceed and they have ten days to do that upon issuance of the LE. 7
8 TRID General Advice The rule will transform both the mortgage and settlement process. More than ever Realtors and other settlement service providers such as loan officers and processors with direct consumer contact will have to be on top of their clients and customers. People will need their ducks in a row well before closing. If you want to close on September 30 th pretend the closing is set for September 23 rd. Buyers, don t expect to make changes at closing. Sellers, don t do anything that would require changes at closing. 8
9 More Advice The stranger the deal, the more potential for issues. The rule does not sufficiently address the unexpected. A good rule of thumb is to add 15 days to your transaction timeline. So if you close in 30 today, count on 45. If its 45, count on 60. If a problem arises that will require a change to the CD, do not wait till closing to tell the lender and settlement people. Let them know ASAP so they can get the CD changed so people do not have to wait at closing. 9
10 Conclusion NAR is fighting for a true grace period and more guidance that conforms to member experience and industry practices including ensuring that consumers still can choose their settlement agents/providers. The rule implementation will begin on August 1. The three best things you can do are to keep in regular contact with the other providers, avoid last minute changes on your end, and make them avoid last minute changes on their end. 10
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