August is typically a slow month, so use it to get ready. The best thing that every real estate professional can do is get educated and get prepared now for these changes. “Expect a one- to two-week delay in closings,” said Ken Trepeta, director of real estate services of the government affairs branch for the National Association of Realtors, when describing the impact of TRID.Ĭheck out my latest article: Best Practices In A New TRID WorldĬurrently, we are finishing one of the strongest spring markets in a decade, but I’m quite concerned that come Fall, the new TRID rules will put the fall market into an ice bath. Experts are predicting that closings will be delayed, 60 day loan approvals will be the new normal, and new forms will bewilder buyers. I am very worried that lenders, Realtors and closing attorneys are not at all prepared for one of the most significant changes in how we do business. The new rules, already pushed back once due to industry outcry, go into effect in about 60 days on Oct. The new TRID rules are game-changing regulations which threaten to disrupt and delay closings across the country. I just finished yet another closing where a national lender issued the closing documents the morning of the closing, and worse, issued a revised TIL (Truth in Lending) disclosure during the middle of the closing! Under the new TILA-RESPA Integrated Disclosure Rules (TRID) set to start on October 3, this too-common practice would have resulted in a closing delay of up to 7 days, to the dismay of everyone in the transaction. Major Change To Current Practices | Expect Delays and Bumpy Road Starting Oct.
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