We'd like to take a moment to say thank you to all of our referral partners for giving us the opportunity to serve you. We greatly value your business and look forward to working with you again in the future.
To kick off the New Year, we're going to be sending out periodic informational bulletins to keep everyone up to date on the latest program highlights and lending news. We're very excited to share this information with everyone and we hope you find it interesting and beneficial to you and your clients!
Together let's make our 2016 full of happiness, success and prosperity!
TRID has been out for a couple of months now and we've all closed several transactions under this new Law. There's been a lot of hype about the changes, and, a lot of stress with everyone being concerned that TRID was going to delay loan closings. Now that some time has passed we wanted to share with everyone our thoughts on the TRID changes and how we can work together to alleviate concerns and simplify the process.
The implementation of TRID has set some new disclosure delivery rules that need to be followed prior to closing. The reality is though, all mortgage companies have been delivering disclosures to borrowers all along. We're accustomed to this, it is part of the normal work flow of a loan and we've all just adjusted slightly to accommodate the new rules. Because we've all been doing this all along, we don't see the new disclosure delivery requirements as being an issue or something to be concerned with. Based on what we see the thing that we do have to be concerned with and concentrate more heavily on now that TRID is here is communicating openly regarding realistic contract dates.
Meeting a contract date, as well as meeting the new TRID requirements within that contract date, is all about the borrower and the property. For instance, if the borrower has a good credit score, is putting a large payment down on the home and is buying a property that's pristine with no repairs or issues, that loan can be underwritten, cleared to close and closed in less than 30 days. Conversely, if the borrower's credit is a bit challenged, is getting a gift, and is buying an REO property or a property that has some sort of unusual feature, like an accessory unit, then that loan may take a little longer to close.
The details of the borrower and the property is going to determine how much time is needed to close so it's paramount that all parties are on the same page and reasonable expectations are set right up front. When writing a contract please feel free to contact your Loan Officer to discuss the details of the transaction. Communicating upfront about the details of the transaction is the most important thing we can do together to ensure that both the terms of the contract and the TRID regulations are met.
As always, feel free to contact us at any time with questions, concerns or loan scenarios!
As always, feel free to contact us at any time with questions, concerns or loan scenarios. With the help of these fantastic alternative lending programs, together we can make 2016 a great year! Please Call (321) 757-5009