Jeremy Branum, Offering mortgage solutions for all of Florida (Security Mortgage)

Spam prevention
Rainmaker
6,553,924
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

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.

Oct 08, 2015 12:44 AM
Rainmaker
1,398,858
Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

I have attended three clases gaining the basics but must either thick headed or from Missoui and will learn on the run!

Oct 08, 2015 01:15 AM
Rainmaker
1,216,691
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

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.

Oct 08, 2015 12:47 AM
Ambassador
5,366,352
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Yes, and it is working out fine.

Oct 18, 2018 10:05 PM
Rainmaker
640,833
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

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.

Oct 09, 2015 06:09 AM
Ambassador
2,306,979
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

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.

Oct 09, 2015 04:34 AM
Rainmaker
4,003,319
Richard Weeks
Dallas, TX
REALTOR®, Broker

I have taken 2 clases and watched several webinars.  I understand how it can affect a transaction.

Oct 08, 2015 09:53 PM
Rainmaker
3,985,837
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I am getting there but still more to learn.

Oct 08, 2015 07:27 AM
Rainmaker
212,655
Stefan Winter
Real Estate in IL & NV | Owner of Real Estate Web Tech | Daily Vlogger - Las Vegas, NV
Owner - Winter Group & Real Estate Web Tech

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.

Oct 08, 2015 03:28 AM
Rainmaker
4,065,740
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Fully?   I think there is and will be a learning curve.  

Oct 08, 2015 02:18 AM
Rainer
3,805
Jeremy Branum
Security Mortgage - Hollywood, FL
Offering mortgage solutions for all of Florida

 

TRID has certainly changed our industry by updating laws that have been in effect since RESPA’s inception 40 years ago.  These changes don’t only effect the disclosure process but what is disclosed, when and how.  A 30 day closing is truly a thing of the past and I am advising a minimum 45 day contract / escrow.  These changes eliminate the GFE and HUD-1 settlement statement and require the disclosure of new information like the Realtors license number. 

 

 

The relationship between the realtor and lender has never been as important as it is now.  Since the realtor is the first point of contact in many cases it will really be a mutual effort to help the consumer understand these changes and help keep the client on pace within this new process. 

 

 

As always if I can be of assistance, please feel free to reach out. 

 

Oct 08, 2015 01:29 AM