TRID Follow Up
As many of you already know, as of October 3rd, home buyers who applied for a mortgage received new rate and fee quote forms from lenders. These new forms go by the name TILA-RESPA Integrated Disclosure or TRID. TRID has affected all parties of the industry such as Title and Escrow Companies, Mortgage Advisors, Transaction Coordinators, Realtors and future home buyers. In an effort to keep their employees, business partners and future clients informed on the new change, Absolute Mortgage has held training courses, sent emails and videos to help equip people for the change ahead. Check out our Know Before You Owe article to learn more about what Realtors need to know about TRID.
We sat down with Phil Mazzaferro, the Branch Manager at Absolute Mortgage in Issaquah to discuss his opinion on TRID and how he feels it impacts the company and Absolute Issaquah Branch. Phil has been in the mortgage industry for over twenty years and has seen all the changes and fluctuations the industry has gone through. We got a little snapshot of how it has been the first couple months with TRID and how the staff at the Issaquah office was able to adapt and keep business running smoothly.
Check out the questions Phil answered below about TRID. If you have any questions about TRID contact Phil or one of our Mortgage Advisors!
A: The transition to completely new way of closing loans was filled with questions and apprehension. What we found is that Absolute Mortgage had done their homework and we were able to navigate the new guidelines and process very well.
We had training classes for all staff, and have a video library to reference for review. There are follow-up emails and meetings to make sure we are on top of any changes as we go.
I believe the staff was up to the task and completely ready.
A: Industry wide it has slowed transactions and closing down by quite a bit. We are asking our agents to write contracts with 45 day closings.
Keep in constant communication with escrow, and your lender about timelines.
Be patient. Please do what your loan originator is asking you to do. Be aware that getting your documents back to the lender is crucial in staying on the correct timeline.