How the New TRID Guidance Will Affect You

TRID Frequently Asked Questions

TRID - The Closing Disclosure (CD)

TRID - The Loan Estimate (LE)

Today we'll talk about some new guidelines that will impact the mortgage and real estate industries: TRID and KBYO. TRID stands for Tila-Respa Integrated Disclosure. KBYO stands for Know Before You Owe. These new guidelines were put in place by the Consumer Financial Protection Bureau to help the consumer be more informed when you're doing a mortgage and real estate transaction.

TRID will be effective for applications beginning after October 3, 2015. The first big change will be with the paperwork. The good faith estimate and the truth in lending document will be combined in one document called the loan estimate. Not only does combining the documents keep the buyer more informed, but it also simplifies the process by creating less paperwork for the buyer to keep track of.

The next big piece of TRID is that you, the buyer, have to receive the final figures three full days before closing. If the figures are mailed to you, you have six days; three days for the mail, and three days for review. Right now, a lot of transactions come right down to the last minute. With TRID, there's no more last minute. You have three days to look over everything.
 
Lastly, when you get to the closing table, you will no longer get a HUD statement. Instead, you will receive a closing disclosure. The HUD settlement statement documents all the transaction figures: what the seller receives, what the buyer's costs are, and so on. The closing disclosure still informs the buyer, but it's easier to understand.

There's a lot of changes up ahead, and I'm sure you have some questions. Please feel free to give me a call or send me an email. I'd be happy to help you.

TRID Frequently Asked Questions

TRID - The Closing Disclosure (CD)

TRID - The Loan Estimate (LE)

The Next Big Digital Revolution

I've talked about it in past videos, but I can't stress it enough: the digital mortgage revolution is here!

Over at GuaranteedRate.com, my lender is now doing a 100% digital mortgage. The only part that is not digital is the closing of the loan. You'll receive $250 to apply online, a transfer-safe folder to upload all your documents, and regular status updates on your loan. Additionally, you can maintain communication with title companies and Realtors!

The entire mortgage process is now digital, making it more convenient than ever to get a loan! If you have any questions about it, or about mortgages in general, give me a call or shoot me an email. I would love to hear from you!

What Are Mortgage Rates Doing?

Welcome back everyone, for another visit with The Mortgage Doctor. Today let's talk about a big topic in the news: interest rates. They are rising, and today we're going to let you know what you can expect from them in the near future.

We have seen an increase in rates over the last 30-60 days that is likely to continue. The Federal Reserve has said they are going to increase the prime rate, which can have an effect on interest rates. 


However, this effect is purely emotional. Mortgage rates are actually driven by mortgage bonds, which are based on complicated factors in the stock and equity markets. It's too complicated to get into now, but just remember that the Federal Reserve isn't responsible for a rise in interest rates, and they won't go up immediately.

If you have any questions for me about interest rates and where they are going, give me a call or send me an email. Set an appointment with The Mortgage Doctor today!