Tuesday, November 17, 2015

TRID - Know Before You Owe

The new TRID legislature that went effective 10/3/15 has been a big success at First American Mortgage, PLLC. The paperwork or disclosures that are provided in the lending transaction timeline have been drastically changed, and we believe for the better. The numbers are clearer and easier to discern for the average home buyer. The timing of the documents is well suited for the purchase timeline. There is a hang up that we found in seller credits and the complexity of backing out the numbers on the Closing Disclosure, but it is achievable. That is something that will probably be changed as we move forward with these documents as the CFPB works out the bugs. As always, we are available to discuss these mortgage industry changes as well as any other real estate questions you may have at www.FirstAmericanMortgage.net
Thank you!