Changes Affecting Closing (TRID)

real estate

Effective October 3rd, 2015

To learn more about the changes affecting the real estate closing starting October 3rd, here are a few videos by two (2) of the largest associations in the nation who are directly involved with the closing process.. the National Association of Realtors and the American Land Title Association.

We have been preparing for these changes to better serve lenders, real estate agents and consumers with a seamless and efficient transition, as well as providing a professional and memorable closing experience. To learn how we can help you prepare for these changes and be an integral part of your closing team, please contact us at 954-566-6000.

We hope the videos below will provide you with a better understanding of the changes to come…


 

Real Estate Agents…

REALTOR® Magazine presented a live webcast on July 16, 2015, to help real estate professionals understand the changes to the closing process that are scheduled to go into effect later this year. The program featured attorney Phil Schulman, a partner with K&L Gates and former official with the U.S. Department of Housing and Urban Development who specializes in federal closing rules, and NAR Senior Counsel Finley Maxson.

As part of the changes, which stem from the merger of the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), two new forms—the Loan Estimate and the Closing Disclosure—will replace the HUD-1 settlement form and the Good Faith Estimate. Samples of the new forms are available from the Consumer Financial Protection Bureau.

Real Estate Agents & Loan Originators…

On June 3, 2015, the National Association of REALTORS® and the Community Mortgage Lenders of America (CMLA) hosted panelists in Arlington, Va., to discuss the latest information in the mortgage, title and housing industry…

Loan Originators…

Ginger Bell, education specialist in the mortgage industry provides an informative overview of the new TILA/RESPA rule. Get the highlights of the new TRID rule. Simple to follow information provides originators with an overview of the important highlights they need to know prior to October 3rd.

A Title Perspective…

ALTA (American Land Title Association) hosted a TRID Townhall on Tuesday, July 28, to share what industry participants should be doing now to prepare for the implementation of the TILA-RESPA Integrated Disclosures rule.

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