The Dos And Donts About TRID

The Dos And Donts About TRID

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In today's special edition, we examine hints for successfully coping with TRID (the new TILA-RESPA Integrated Disclosures rules that go into effect this weekend).  As always, the "Do's" contain very real helpful points to avoid closing delays, while the "Don'ts" offer a somewhat satirical look at potential (but hopefully improbable) real life situations that will complicate or delay closings, particularly given TRID's stringent new requirements.

TRID Do: Discuss your loan options in detail with your lender, and apply once you have decided which loan best suits your needs.
TRID Don't: Ask your lender for a LE (Loan Estimate) on a 30 year fixed loan, then opt for a 15 year 5 days before your scheduled closing.
TRID Do: Make sure your lender fully understands your income and assets prior to your formal loan application.
TRID Don't: "Forget" to tell your lender about your back child support garnishment until he asks you, in hopes it will be overlooked.
TRID Do: Compare title companies' fees/services before telling your lender which one you prefer to use.
TRID Don't: Select a title company from the lender's provider list, then switch to another the week of your closing.
TRID Do: Provide your lender with email addresses for all borrowers, then monitor them daily to avoid lengthy closing delays.
TRID Don't: Give your loan officer an email address you last used 12 years ago and don't know the password to.
TRID Do: Allow plenty of time for your loan's processing and closing in lieu of TRID's strict timing restrictions.
TRID Don't: Start your loan, then leave for a camping trip "off the grid" until the day before closing.
TRID Do: Offer to supply your income documentation to your lender prior to the LE to ensure he correctly calculates your income.
TRID Don't: Tell your lender "you can't ask for my tax returns yet" before he supplies the LE, then, once he does, mention you haven't filed in years.
TRID Do: Ask your lender to compare several loan programs before applying to examine your options.
TRID Don't: Ask your lender for 3 simultaneous LEs on different programs for the same transaction.
TRID Do: Know that your lender is required to provide the Closing Disclosure (CD) 3 business days prior to closing.
TRID Don't: Schedule your closing for a Monday, then decide to take a long weekend, calling title company Monday to reset the closing for Tuesday.
TRID Do: Review your CD as soon as you receive it via email, discussing any errors or questions with your lender.
TRID Don't: Forget to check your email for the CD until the day before closing, then tell your lender you can't reschedule due to a hectic schedule.
TRID Do: Realize longer lock periods are necessary to allow for TRID mandated disclosure delivery before closing.
TRID Don't: Insist that you should close in 8 days "because I heard a lender promise that on the radio last week."


Edna Montijo - Owner Headshot
Author:
Phone: 480-999-1156
Dated: October 3rd 2015
Views: 317
About Edna: ...

1 Response

  1. Jenny Lang

    Great reminders!!

    Oct.06.2015

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