Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

head_left_image

Thoughts On TRID

 

What is TRID?

 

Of course it's the  TILA/RESPA Integrated Disclosure (TRID) Rule!

 

What is TILA?

 

Of course it's the Truth In Lending Act!

 

What is RESPA?

 

Of course it's the Real Estate Settlement Procedures Act!

 

OK - so what is TRID?

 

Of course it's the Truth In Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) Rule!  

 

Try saying that three times quickly with a mouthful of peanut butter!

 

I'm not a lender, nor do I play one on TV.

 

Here are some "insights":

 

REALTORS® and the New Closing Process Survey

 

and

 

Future TRID Rulemaking from CFPB

 

which contains the following revelation:

 

REALTORS® continue to report issues in the post-TRID environment with gaining access to the Closing Disclosure, despite years of access to the substantively similar HUD-1. NAR remains committed to ensuring Realtors® have access to the CD so they can put their expert advice to work guiding clients throughout the home-buying process uninterrupted from beginning to end.”

 

Perhaps a clause in the contract between Buyer and Seller instructing the Lender and/or Title Company to provide these documents to the Brokers would take care of this?!

 

What say you??

-----------------------------------------------------------------------------------------------------------------------------------------------------------------

 

Click the button below to Subscribe to our Scottsdale Arizona Real Estate blog!

 

 

 

All images purchased and  licensed from Shutterstock , shared from YouTube, sourced from Vectortoons, or were taken by the author unless otherwise noted.

About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty

Comments

I am aware of TRID but can't really weigh in from the Real Estate Sales side however whenever the government is involved do they every make it easier and less confusing?

Posted by Kathryn J., Rentec Direct (Rentec Direct) almost 3 years ago

I still don't see the use of TRID other than to slow down the real estate process. As with any new Orders some parts are good for the public but the 3 days wait it totally useless. 

Posted by Frank Rubi, FrankRubiRealEstate.com (Frank Rubi Real Estate, LLC) almost 3 years ago

And spell TRID backwards, and you get DIRT.  Just sayin'

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 3 years ago

I do not think the clause in the contract would take care of it ... lenders are not a party to the contract.  Their contact with the buyer stands alone between the buyer and the lender. 

And to that I would like to add:  E.I.E.I.O. 

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) almost 3 years ago

Tony and Suzanne it should be an easy matter to just ask the Borrower/Buyer to send you a copy when the receive it, they get it at least 4 days before the closing.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 3 years ago

Hi Tony and Suzanne.  I hope that if there are some wise folks watching the issues that they will improve the process.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 3 years ago

Probably not Kathryn Jones ! - thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

the three business day wait Frank Rubi !  - thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Good one Carla Muss-Jacobs, Principal Broker/Owner !  - thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

The lenders are not Kathleen Daniels - but the Buyers are, so if they agree in contract to provide a copy, once they receive it from their lender, they would be obligated to provide a copy to the brokers....  - thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Agreed George Souto - the articles surprised me - off to write an additional "standard" clause to the AAR contract!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

One would hope so Gabe Sanders  - thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

This blog does not allow anonymous comments