It's a hectic time for real estate professionals everywhere! Oct. 3 marked the implementation of the TILA-RESPA Integrated Disclosure Rule, and housing industry professionals everywhere have worked to gain a deeper understanding of the regulation to ensure a smooth transition and adaptation to the Know Before You Owe rule.
Real Estate Professionals Prepare for TRID
The National Association of Realtors conducted the New Closing Process Survey and 82.2 percent of participating real estate agents indicated they had participated in some sort of training to get ready for TRID.
In addition, 55.9 percent of participants plan to alter purchase agreements to more closely reflect the impact of the regulation. A total of 37 percent noted they have already made plans with the lender they work with to ensure adapting the new process goes smoothly for individuals applying for a home loan and purchasing a house.
This commitment from real estate professionals to learn more about TRID and increase understanding will help ensure the lending process goes smoothly for borrowers applying for a home loan after the TRID implementation date.
The MBA Release Resources for All
Fortunately, the Mortgage Bankers Association has made it easier for lenders, real estate agents and consumers alike to become more familiar with the Know Before You Owe rule by providing a number of valuable resources.
Individuals can access a one-page document covering all changes as a result of TRID, and there is a version targeted for both a consumer and industry professional audience. In addition, a PowerPoint slide deck is available for brokers and real estate agents to educate colleagues.
All available resources can be downloaded on the MBA's website.
"MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process," said MBA President and CEO David Stevens. "Our industry has been preparing for these changes over the last several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules."
The CFPB Also Provides a Tool for Consumers
While industry professionals require training and resources to better understand TRID, it is also evident that consumers looking to apply for a home mortgage can benefit from a deeper understanding of the regulation. The Consumer Finance Protection Bureau offers consumers "Your home loan toolkit."
This resource not only provides step-by-step instructions for the homebuying and mortgage application process, but also relays the ways the Know Before You Owe rule will impact the consumer's experience.
This resource helps consumers all along the way, from deciding how much interested homebuyers can afford to tips for staying current on monthly mortgage payments.
The Importance of Understanding TRID
It is of paramount importance that all parties feel confident in their understanding of the new regulation impacting the lending process. To ensure the process goes smoothly for consumers, real estate agents and brokers alike, should become as familiar as they can with the new regulation and collaborate.
Communication is especially important during the adoption of TRID. Seeing that real estate professionals and lenders are working together to ensure the transition goes well for all parties involved is good news for those working in the industry, and it is especially great for the consumers who decide to invest in a new home after the implementation date.
Interested homebuyers can rest assured they will be in good hands with New American Funding when the new lending process regulations take effect. Follow us on social media, or give one of our agents a call today, to find out more and stay up to date on all things TRID!