Tip 8-2016: The TRID Experience – With the new TRID laws in place for over four months, Tucker’s Tips has made the following observations about how TRID is affecting settlements:
1. Closings are taking about a week longer than before TRID. (This experience is apparently not just in our area. They are taking on average about a week longer across the country.)
2. It is a confusing process for all, especially lenders who need to present all financial figures to the Purchaser for the closing much sooner than before (three day CD Review.)
3. Some lenders are closing loans with errors, knowing the CD will need to be corrected during post-closing review.
4. Some lenders are directing their loans to fewer title/settlement agents (to the ones who are very proactive working with lenders.)
5. Various lenders have interpreted the TRID requirements differently from other lenders. As a result the actual closing process, including CD preparation and review, may be different with each lender.
6. The actual delivery of the closing package to the settlement attorney is still usually right before the scheduled closing (not with the delivery of the CD three days before the closing.)
TT Advice: “Just go with the Flow.” The new TRID procedures will eventually work out and become more routine and uniform.
Correction to last week’s Tip 7-2016: Thanks to the sharp eye of Peg Gilliland, we incorrectly stated that page 9 of the VAR Contract of Purchase needed to be completely filled out, when we should have stated page 10. Thanks, Peg.
Please call me if you have any questions.
William (Bill) D. Tucker, III
434-973-7474 (Charlottesville Office) 434-589-3636 (Lake Monticello Office) 540-217-5470 (Harrisonburg Office)
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