It may be the beginning of October but the recent Truth in Lending RESPA Integrated Disclosure rule (TRID) has left many in the real estate industry feeling like it’s April Fools.
One Florida real estate agent, however, is taking the changes in stride.
“It’s our job as experts to understand changes in the industry and adapt accordingly,” says Sue Benson, Tampa’s Pink Lady of Real Estate. “In the end, I feel that these changes will make things quicker and easier on the consumer, even if it takes some getting used to.”
Benson, a RE/MAX marketing specialist, recently joined forces with Steve Fingerman, a real estate industry veteran and President of E-Loans Mortgage, to break down the five major things customers need to know moving forward.
- Closing loans will take longer: Conventional loans, which typically close in 30 days, will take closer to 45 days. “Figure about 15 days added to the closing date,” says Fingerman, who also advises realtors to “make sure everyone in the transaction is aware up front of the changes in timeline.” Additionally, sellers should understand that the longer timeline has nothing to do with the buyer’s ability to secure the loan.
- Not all lenders will have the same procedures: Lenders will implement their new procedures depending on their own interpretation of the new guidelines, so realtors and buyers must ask the lender about their new procedures.
- Some of the paperwork has changed: For example, The Good Faith Estimate has been replaced with the new Loan Estimate and the HUD1 has been replaced with the Closing Disclosure, which the TRID mandates must be in the buyer’s hands for review three days prior to closing.
- “Snail Mail” will earn its name: Closing will take longer when customers use traditional mail. When sent by ground mail, the review could take up to seven days, compared to the three days it typically takes when the customer uses email. Realtors “might have to become experts in getting our customers signed up for Gmail if they want to close sooner,” says Benson.
- Same day buying and selling is not as easy: The TRID’s disclosure signing requirements will make selling a home and then purchasing another on the same day more difficult.
“It may behoove both the buyer and seller to obtain their mortgage from the same lender so that coordination is more seamless,” says Fingerman.
Although the TRID’s changes may seem daunting, Benson assures realtors and their customers that there’s nothing to be intimidated about.
“We’ve changed before and we’ll change again,” says Benson. “The important thing to remember is that when you are knowledgeable about a situation, it’s rarely as scary as you think.”
Benson, who has been featured as a Spotlight Realtor in the Tampa Bay Times and in Florida Realtor Magazine, is also a frequent guest on Tampa local networks, where she has discussed choosing a realtor, how businesses can maximize their social media and a number of other real estate topics.
Benson and Fingerman are both available for phone, Skype or on-camera interviews to comment on all matters real estate.
For more information, visit www.PinkLadyOfRealEstate.com.
MEDIA CONTACT:
Sue Benson
RE/MAX Marketing Specialists
Phone: (727) 410-1591
Email:
SOURCE: The Pink Lady of Real Estate
This press release is distributed by PR NewsChannel. Your News. Everywhere.
