October Research, LLC recently produced a webinar, “TRID: Bridging the Communication Gap.” Real Estate Services Providers Council, Inc. (RESPRO) President Ken Trepeta, Independent Community Bankers of America Senior Vice President Mortgage Finance Policy Ron Haynie and SoftPro Director of Industry Relations Leslie Wyatt helped agents approach their Realtors and lender customers regarding the TILA-RESPA Integrated Disclosure rule effective Oct. 3.
More than ever, settlement agents will need to work closely with other settlement service providers to ensure timely and successful transactions. Outreach is critical if agents want help from these real estate professionals, loan officers and others. The crucial issue, the presenters said, is the changes in timing.
The consumer must receive the Closing Disclosure three business days before consummation. The three best things one can do to remain compliant with that schedule are to keep in regular contact with the other providers, avoid last-minute changes on your end, and make them avoid last-minute changes on their end.
Because of the increased liability lenders are facing, they are likely to “tighten their list” of approved closing agents and title companies. This new rule requires all parties to collaborate on every transaction, according to Haynie. Agents will need to meet with their lenders to fully understand that lender’s process, and each lender will have a different process.
This is why it’s important to be proactive now instead of waiting by the phone to receive instructions.
For more information, the recording is available at www.octoberstore.com.