Industry NewsMortgage

So you’re prepared for TRID, but what about your clients?

CFPB provides tips to give your clients best closing experience come Oct. 3

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Takeaways: Are your clients aware of how the TRID regulation affects the closing process? If this is not their first rodeo, you will need to explain the new process and consumer disclosure forms and establish expectations. Encourage your clients to think through mortgage choices, apply for loan estimates through multiple lenders and indicate intent to proceed; you'll need to find out who's responsible for the Closing Disclosure and be the source of accurate information. So you’ve spent the last 23 months preparing to comply with the Consumer Financial Protection Bureau’s new TILA-RESPA Integrated Disclosures rule, or TRID, which takes effect Oct. 3. Or you’ve spent at least a few months on it, anyway -- for your sake, let’s hope so. But what about your clients? Are they aware of how the regulation affects the closing process? If they are purchasing their first home, the changes will be new only to you. But if this is not their first rodeo, you will need to expl...