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Of course I saw the closing statement. Have permission from buyer to do what? Go ahead and make fun of me. I guess I don't know what you're talking about.
I'm literally making this face
It seems TRID is the only thing people in the real estate industry have been talking about for months. The lawyers/escrow companies and the lenders are all wearing Depends over what they think is going to happen.
From what I understand just about everything from the Buyer / Lender is confidential information and we agents cannot even see it unless the Buyer provides it to us.
In TX where title companies coordinate documents, that has shifted to the Lender. We are at the Lenders mercy on when we close. There are many rules the lender now must follow. We no longer make a copy of any checks like Earnest Money for our files.
The Title Company must secure all their emails and no longer distribute by PDF's attachments. Everything must be highly secure and private.
My office is having another Lender Meeting in the morning to educate us. If you have a favorite lender you might talk to them.
TX Assoc of Realtors has a Release form that says we represent our clients and can be given any documents.
We are waiting to hear if it is legal and acceptable. I believe our Attorney says it may not be.
I google that and something else came up. It explained lenders rules being different, but I couldn't tell how it would affect agents so much. Thank you for explaining. As far as my transaction a few days ago nothing out of the ordinary or different happened. Title company sent me the closing statement just like always. Is it different state by state?
It seems TRID is the only thing people in the real estate industry have been talking about for months. The lawyers/escrow companies and the lenders are all wearing Depends over what they think is going to happen.
So the big deal is that we can't see anything from the lender or the closing statement without the buyers written permission? I think then if my buyers won't let me see it, its their choice to not let me help them and the liability isn't mine if there's mistakes on it. And there's yet another paper to sign. How stupid.
I'm the last to know things sometimes. I'm not at the office much talking to other agents.
Title company sent me the closing statement just like always. Is it different state by state?
It only applies to contracts dated after Oct 3. If you went under contract Sept 30 and close Oct 30, It still can be done the old way IIRC.
The HUD will no longer exist and is replaced with a new CD. We no longer have "closings" but "Consummations"
We are now being told to figure a 40-45 day closing and a 3 day CD review is strictly enforced.
Changes to the CD can make the 3 day rule start over and delay closing.
I think we'll see more lease backs since it may be hard for a Seller to make hard plans with movers.
I'm probably going to start asking for a 4-7 day Seller lease back on most contracts.
It could really screw up transactions that are contingent on other sales, breaking the chain of closings.
Can anyone list tangible benefits they believe that TRID provides to consumers?
Holding the Lender to what they told buyer and the 3 day CD review.
How many times have you been to closing and the Buyer says "This is not what I was promised by the lender" ? Many times they never saw the HUD or Docs till the day of closing and their Interest rates or fees where different than quoted.
Supposedly more privacy. Title company here got hacked and clients wired money into Bogus accounts.
Holding the Lender to what they told buyer and the 3 day CD review.
How many times have you been to closing and the Buyer says "This is not what I was promised by the lender" ? Many times they never saw the HUD or Docs till the day of closing and their Interest rates or fees where different than quoted.
Supposedly more privacy. Title company here got hacked and clients wired money into Bogus accounts.
The lender already is held to the GFE, no? I can't say I routinely, if ever, see changes in fees or rates that make me believe my clients are being protected. But, I recommend lenders who know that they will lose the business if they play games.
Privacy is one thing, but security is another. Always, hackers will hack. Does TRID guarantee security? I think not.
I don't see TRID offering tangible benefit to many, if any, of my clients.
I do see the intent to provide cash buyers one more point of leverage over borrowers in a multiple offer situation. At least for the short term, until the new normal is institutionalized.
I hear that the mega-banks are locally requiring 60 days contract to close at this time. We were under 30 days recently. I don't see benefit to this.
As usual, regulations are designed to hurt those who least can afford it.
From what I understand just about everything from the Buyer / Lender is confidential information and we agents cannot even see it unless the Buyer provides it to us.
In TX where title companies coordinate documents, that has shifted to the Lender. We are at the Lenders mercy on when we close. There are many rules the lender now must follow. We no longer make a copy of any checks like Earnest Money for our files.
The Title Company must secure all their emails and no longer distribute by PDF's attachments. Everything must be highly secure and private.
My office is having another Lender Meeting in the morning to educate us. If you have a favorite lender you might talk to them.
TX Assoc of Realtors has a Release form that says we represent our clients and can be given any documents.
We are waiting to hear if it is legal and acceptable. I believe our Attorney says it may not be.
I'm not an agent, but as an office manager, I took a class on TRID about a month ago, and neither of these things (bolded) were mentioned. In fact, they specifically said that the closing statement would be sent to the real estate agent to review.
In Idaho, there is a state law that says that every broker is responsible to review every closing statement prior to allowing the transaction to close. There is also a state requirement that a copy of buyer's and seller's closing statement be in every trust file after closing. There is also a requirement that we have copies of all Earnest Money checks in our files. I know that federal law trumps state law, but you would think that our real estate commission would have been blasting us with bulletins about these law changes.
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