Plano Home LoansOk, it’s here…TRID…hate it or hate it…it’s here and we all have to adjust to a new way of disclosing loan applications and closings…I mean…consummations.

So what can Real Estate Agents do to help hit milestones and keep the consummation date realistic and on-time?  Try this:

  1. Provide complete executed contract with all amendments, along with a copy of the buyers earnest money, to both lender and title company.
  2. In Texas, at time of contract, Buyers Real Estate Agent and buyer to complete the TAR form 2516 (Authorization to Furnish TILA-RESPA Integrated Disclosures) to lender & title company so Lender can copy Real Estate Agents on LE/CD.
  3. Buyers Real Estate Agent to reinforce with buyer the importance of quickly e-signing all Plano home loanlender docs throughout the process – The Time Clock Starts from date of acknowledgement for both the LE and CD…did you get that?  The clock starts from time of BUYERS ACKNOWLEDGEMENT, not when the lender sends.
  4. Listing/Sellers Agent and Buyers Agents should provide CDA to both lender and title company at least 10 days in advance. (The commissions must be listed on the LE/CD.)
  5. When applicable, let your loan officer know of any changes along the way….(credits to buyers that will be given, sales price changes, etc.)

Plano HomesHighlands Residential Mortgage is approaching TRID with the same “make-sense” philosophies you have come to expect from us.  We do not intend to use TRID as an excuse to delay closings.  However, we do need help from the agent, the title company, and the buyer to ensure a smooth and timely transaction.  Working together, we will succeed at the highest level together!  For more information, please contact Warren Whitaker, Senior Mortgage Loan Officer, NMLS#620924, at 972.523.8353 or warren@LendHome.com.

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