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Tony’s Mortgage Minutes – October 5th 2015

TRID is here! The new TILA-RESPA Integrated Disclosures took effect Saturday, October 3rd. The new mortgage Loan Estimate and Closing Disclosure documents will replace RESPA and TILA disclosures. The LE and CD are easier to read, understand, and used to compare offers with other lenders. The Good Faith Estimate and Truth-in-Lending disclosures are a thing of the past. The LE replaces these forms at the beginning of the loan process. Also, gone, is the HUD/Settlement Statement borrowers get at the end of the loan process. The CD replaces these forms as well. Furthermore, there is a 3-day waiting period when a borrower receives the Closing Disclosures before the loan can be consummated. This is not as scary as you may think. In fact, I personally believe consumers will welcome the 3-day waiting period, just so that they can comprehend what they are signing before they enter the closing room.

Will there be bugs? You bet! Lenders, Realtors, and Title companies alike will be testing the new TRID waters in the coming weeks. But, patience should prevail! No finger pointing at Lenders, Realtors, or Title companies when errors happen–because they are going to happen. The thing we all must do is learn from mistakes. Keep in mind that things will get better… and more importantly, we must set correct expectations up-front. The days of “quick” closings are gone (unless buyers are paying cash). Below is my short-list of loan programs and what to expect for closing dates:

  1. Conventional= 45 days
  2. FHA= 45-60 days.
  3. VA and Texas Vet= 60 days
  4. USDA= 60days.
  5. Jumbo Non-Conforming= 45-60 days.

Keep in mind there could still be delays even if the above is implemented. From additional Underwriting requirements/conditions needed from the borrower to appraisers getting the reports in on time, just to name a couple. They could also close sooner if all goes as intended. Of course, there are many more details to TRID. Too many to go into here. If you have any questions please let me know.

Like I said, “patience should prevail.” If you are using a Lender that is local and offers in-house processing, underwriting, closing, and funding, this will only add to the probability that the loan will close on time. SWBC Mortgage is all of the above! Using a local Realtor is a must in my opinion as well. We still have 3 good months ahead of us. Good selling!

Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318
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© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, Century 21 The Hills Realty, or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(