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Few real estate agents fully understand the TRID requirements and it will take some time for the learning curve. Mortgage lenders will be leading the way and all of the parties in the transactions need to be alert.
I have attended three clases gaining the basics but must either thick headed or from Missoui and will learn on the run!
I understand it as good as I can from 3 classes I took; without having experienced it yet. Book knowledge vs. Street knowledge...much more to learn in the trenches. But, I'm sharing with all: 45-90 day escrows and hoping for better of course. Our Industry certainly changed last Saturday.
Yes, and it is working out fine.
TRID is so simple. Get paperwork done early and correctly the first time. Make sure all credits are included early. Let the buyer know that making any changes starts a new 10 waiting period. Work with honest, professional lenders. Be proactive in making sure your buyer has a good lender to start with.
I had one lender email me today and remind me that TRID spelled backwards is DIRT and he is dreading the change. I think more time for the loan process is the key for me.
I have taken 2 clases and watched several webinars. I understand how it can affect a transaction.
I am getting there but still more to learn.
I sur dont, but my two preffered lenders have a good handle on it. They went above and beyond even before the 3rd to make sure they can handle the new rules without slowing down.
Fully? I think there is and will be a learning curve.