August 1, 2015 will be the first day TRID will have it’s impact on the entire real estate market. Unfortunately the majority of those in the industry are still naive on what TRID is, and how it will effect real estate transactions.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directed the Consumer Financial Protection Bureau (CFPB) to integrate the mortgage loan disclosures under the Truth-in-Lending Act (TILA) and the Real Estate Procedures Act (RESPA).
The documentation will be a welcome change. It’ll be more consumer friendly. The issue will be the disclosure time frames, potential unintended complexities and additional time it will take to close transactions.
I’ll be giving seminars in the future educating industry groups as to the specifics of TRID. Meanwhile here is a video the National Association of Realtors released, attempting to alert real estate agents that changes are coming.
If you are in the Los Angeles region, have any questions or real estate sales or financing needs, feel free in contacting:
Ron Henderson GRI, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc
Gov’t Affairs Chair – California Association of Mortgage Professionals
www.mres.com
ronh@mres.com
Real Estate market, Mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley
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