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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." |
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1 Response
Jenny Lang
Great reminders!!
Oct.06.2015