TRID Update and New Closing Requirements
TRID is a new government requirement going into effect on October 3, 2015
TRID (TILA/RESPA Integrated Disclosures) which is the last part of the Dodd-Frank Bill which began about 10 years ago to help protect the consumers in real estate transactions.
This new government process is going to slow down the entire closing timeline process for buyers and sellers trying to get their homes closed.
Impact of TRID on Closing Timeframes
The lender and title company that Treu Group Real Estate has available for our clients has fined tuned the upcoming TRID process to be able to complete the lending and closing timeline with in 45 days. This is going from 15-30 days currently. Most Banks are telling there clients that it will take them 60 to 90 days to complete the loan process and get the home closed.
The timeline is impacted with additional disclosure times required at the beginning of the lending process, closing package disclosure which require walk through completed 10 days prior to closing and review of documents 7 days prior to closing and 3 day review disclosure time for changes that occur as various stages of closing process.
The bottom line is that closing a contract on a purchase or sale will be impacted by 15 to 45 days depending on the lender and title company involved in the transaction.
This will significantly impact expectations for many buyers and seller to be able to close and occupy a home by the end of the year and consequently file for homestead exemption for tax reduction.
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Listing information last updated on August 20th, 2017 at 1:51am EDT.