May 12th, 2023 11:30 AM by Sam Kader MLO130505
The TRID rule and its associated disclosures was part of a mandate to CFPB in the Dodd-Frank Wall Street Reform and Consumer Protection Act in effect since 2015.
Under TRID - borrowers will receive 2 government-designed forms during the mortgage process :
By law, these 2 forms must be issued at specific times when specific conditions have been met. Loan Estimate must be issued within 3 days of receiving all of these 6 items below:
Delay - Once we have a signed around Purchase and Sale Agreement (PSA), time is of the essence. Any delay be it intentional or inadvertent is a huge risk to all real estate transactions. Providing requested documents or signatures to us a day or a week late may seem like no big deal at the time, but the clock is always ticking.
Indecisions - Buying or selling real estate is the biggest investment in most of anyone’s life. You should do so with firm understanding that you will be required to make important decisions. You can rely on the experts such as your realtor and loan originator but you alone ultimately will have to make that important decisions. Do your due diligent before signing the PSA. Once you have decided and once have signed the contract, then everyone else in the team can make progress from that point.
Unfounded expertise - The internet is a wonderful thing to educate matters and to gain knowledge so you can conversate intelligently with the professionals. Do you own research but please work with your preferred local mortgage broker and realtor. In real estate - too many chefs in the kitchen will always spoil the broth.
The unreasonable pursuit of perfection - Majority of closed real estate transactions are inherently complex with twists and turns, drama and excitements. No two transactions are alike. Work with professionals such as your local mortgage broker and realtor that can guide you over your journey to a closing table.