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Today, I want to touch on some big changes coming to the industry that were supposed to begin August 1.
The new lending guidelines, or TRID, have been pushed back to October 3. Some forms are merging to be more consumer-friendly, and there is one form that is altogether new. These guidelines were put forward by the Consumer Financial Protection Bureau in order to make the closing process easier.
There will be a transition period once TRID goes into effect in October. The biggest changes are on the banking side, as there will be a lot more disclosure that will be done up front as you're going through the lending process. This will make it a bit easier on you, as you will not have a bunch of forms put in front of you that you might not understand.
These changes are all based on loan applications submitted after October 3. If you put a contract on a house after October 3, you'll have to abide by these new regulations, whereas if you write a contract application in late September, you will abide by current regulations. Once the changes go into effect you will have to get your documents to the settlement company at least three days prior to settlement, so there will no longer be last-minute document exchanges.
If you would like more information about these changes, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!