TRID- How it Affects Your Real Estate Transactions

TRID (Tila Respa Integrated Disclosure) has been in force just over a year! This is also commonly called the “Know Before You Owe” rule.

This makes it so the lender in your transaction has to get the closing disclosure to you 3 days before closing for review. If anything substantial changes, they have to reissue the disclosure, and the clock restarts. The potential for delays and issues seem to be pretty well worked out at this point.

As long as you are working with an experienced & knowledgeable lender, there should be no issues. Some forms have changed, so if you have not bought or sold a home in years, it may seem all foreign.

It was implemented to protect the consumer & ensure they knew exactly the fees & charges they would have. More info here:  http://www.housingwire.com/articles/38182-trid-one-year-later

and Here:

https://www.nar.realtor/topics/trid-tila-respa-integrated-disclosure

 

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