Nov 16 2015 7536 1TRID Another Acronym But This One Actually Has Some Meaning

Nov 16 2015 7536 1TRID Another Acronym But This One Actually Has Some Meaning

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As you prepare to purchase your Naples home and obtain your new mortgage, some recent changes to the Mortgage Process may come into play and I thought it might be beneficial to explain some of the provisions below:

TRID Is The New TILA RESPA Integrated Disclosures .

The Loan Estimate replaces the initial Truth-in-Lending disclosure & Good Faith Estimate for most closed-end mortgage loans . The Closing Disclosure replaces the final Truth-in-Lending disclosure & HUD-1 Settlement Statement for most closed-end mortgage loans. What Types Of Loans Are NOT Affected By TRID?

 • Home Equity Lines of Credit (HELOCs)

 • Reverse mortgages

 • Mortgages secured by a mobile home or dwelling not attached to real property

 When Does TRID Go Into Effect? Disclosures are required on transactions for which the creditor receives an application on or after…August 1, 2015. What Are The Primary Changes?

 1. Application Definition - the application is considered received and the clock starts ticking for disclosure delivery when the following six items are received: Name, income, Social Security number, property address, estimated value of the property, and mortgage loan amount sought

 2. Timing is Everything

 - New disclosure delivery timing requirements .

         Loan Estimate must be provided:

           • No later than three business days after receiving the application

           • No later than seven business day before consummation 

          Closing Disclosure must be received by borrowers no later than three business days before consummation 

 - Revisions and corrections “waiting period” requirements 

            A revised Loan Estimate must be received by the borrower(s) no later than four business days prior to consummation 

            A revised Closing Disclosure must be received by borrower(s) no later than three business days before consummation if the following occurs:

                • APR becomes inaccurate

                • Loan product changes 

                • Prepayment Penalty is added.

All of this can be truly confusing as to what does and does not effect your Naples purchase. Let me walk you through the ins and outs of TRID and allow you to concentrate on finding the home of your dreams. Call me at 239-273-4006  or email me at fay@movetonaplesnow.com. Also, please visit my website and learn about my VIP Buyers Program at www.movetonaplesnow.com. Fay Mlinarich, PA., Premiere Plus Realty.


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Phone: 239-273-4006
Dated: November 16th 2015
Views: 206
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Premiere Plus Realty
370 12th Avenue South, Suite 101
Naples, FL
239-300-2063