Many in the real estate and mortgage industry fear the changes brought along with TRID (new disclosure guidelines). But you have nothing to worry about; here’s why.....
TRID stands for TILA RESPA Integrated Disclosure [Rule]. It was adopted to essentially make things better for the consumer. And it will!
- Previous disclosures and cost estimates were confusing.
- There was little accountability for lenders who “bait and switched” their clients.
All that has changed with TRID, as consumers are now required to receive clear information upfront. No longer will there be surprises at the end of the escrow process.
The “Scary” Part
These new changes inflict firmer guidelines on lenders to get things done a certain way. Time-frames for getting accurate cost information to clients are strictly enforced. Accuracy of information is mandatory or the deal is dead.
But for those lenders who did things right before, TRID is no big deal. We’re used to providing transparency for clients in a timely way.
And we’ll adapt to the new rule just fine!
Helping Your Business
Don’t handicap your buyers’ offers with long escrow time-frames!
You can still put offers in for 30-day escrows; we’ll have no problem with that time-frame as we have measures in place to make it happen!
Feel free to contact us with questions...we’re here to help your business!