margostanleyrealestateupdate

FOCUS ON TRID

by Linda Gifford, Maine Association of Realtors® Legal Counsel

 

December 3, 2015

 

We're just beginning to experience the first TRID (TILA-RESPA Integrated Dislclosure) closings. Please let us know about your experiences:  suzanne@mainerealtors.com

 

What can you do to smooth out the process for your clients? Number one-communicate, early and often with your client and with your buyer client's lender.  Also communicate with the other broker to the transaction and keep them informed as to dates and timelines.  You should check in with the lenders you tend to use and see what their processes will be.  How have they chosen to implement the disclosure process to the borrower? What can you do to help? What do they suggest your days to close should be in your purchase and sale agreements?

 

For more guidance from the CFPB:  Click Here

 

Points in the transaction where you can make a difference: 

 

 

GOULDSBORO : The town’s decision to challenge the federal government’s new maps designating which shoreline homes are in a flood zone and which are not appears to have paid off.

The accuracy of the mapping is critical because insurance premiums for homes in a flood zone are costly and are required for all homeowners with federally backed mortgages.

For more information, please go to Gouldsboro Flood Map Challenge Successful.

New rules give house buyers more time to review documents

Published: Sept 30, 2015 5:00 a.m. ET

CFPB’s “Know Before You Owe” gives consumers more time to review loan documents

Justin Sullivan/Getty Images

By

DANIELGOLDSTEIN

PERSONAL FINANCE REPORTER

 

After being delayed all summer, a new rule from the Consumer Financial Protection Bureau will go into effect on Oct. 3 that will require banks to give consumers more time to review loan documents. But lenders are still warning that the new rules could slow down the time needed to close by at least a week — and won’t sort itself out for several months.