We’re From the Government, We’re Here to Help
That’s a line from a really old joke – still funny – that fits perfectly with the here and now. For those of us geeks who live and breathe mortgage “stuff”, we all know that October 3rd was a big day (maybe a “day that will live in infamy” – I’m kidding; couldn’t resist another government reference). For those of you who have been living under a rock for the past year, and this is new, it’s time to catch up!
As we all know, October 3, 2015 (after strict warnings from the CFPB that it would be August 1st) was the date on which the new TRID guidelines went into effect. We all know “TRID” stands for “TILA-RESPA Integrated Disclosure”, which in English means “Buckle up!” Okay, it’s not that bad, but it’s sort of like the mortgage industry’s equivalent to an appendix: it’s just sitting there taking up space and isn’t necessary. Nevertheless, it’s here to stay, and that’s okay. On the bright side (and there always is one), TRID will help separate the good real estate agents and mortgage folks from the bad and the great real estate agents and mortgage folks from the good. We’re here to help you hang with the great ones! Here are some pieces of advice to help you do that:
· Tell your clients to check their email every two or three hours (if not sooner). Tell them that any email they receive from us or any other party to the sale/purchase, open and respond to it immediately – and read through them VERY CAREFULLY. In some (and these are the REALLY important ones), they will need to click on a button to confirm receipt of that email. Simply hitting reply with “I got it” won’t suffice.
· Order warranties EARLY!!!!! Don’t wait!!!!
· If you’re the seller’s agent, send all invoices directly to us and NOT to the title company.
· Make sure the contract is filled out COMPLETELY. If it’s not, delays will inevitably result. If we have to run down information, it will delay the process because we can’t issue the LE, CD, and other documents without everything being complete.
· On the contract, TRIPLE CHECK that the buyer AND seller contact information is there.
· Don’t wait to negotiate price and seller credits that could change the loan amount.
And here’s another thing we have that practically no other lender offers: a program that will save FOUR DAYS at the front end of the loan and up to TWO FULL WEEKS over the course of the process. Come to us before your client starts looking for a house, and we’ll get you on the right track. While the rest of the industry is defaulting to 45- and 60-day closings because of TRID, we’re confident that we can still provide 30-day closings with our program.
You can say it: that IS pretty GREAT!!!!
