Скачать или смотреть Salt Lake County Real Estate Agent: Avoid Confusion About TRID Guidelines in Utah

New TRID rules affect buyers and sellers alike. There are unintentional consequences to these federal regulations. For instance, state verbiage has not been changed to match federal verbiage. To learn more about TRID guidelines, watch this video! http://thesternteam.blogspot.com/2015...

ABOUT:
Looking to buy, sell or invest in a home to live in Salt Lake? Joshua Stern and his team are here to ensure you have an excellent real estate experience. Built in 2002, The Stern Team continues to build our business based upon the same business philosophy we started with, “People don’t care how much we know, until they know how much we care”. With full time dedicated staff, and the “best of the best” agents, we know how to help our clients with their home selling, home buying or real estate investing goals. Ask us about our Worry Free Service Guarantee®, which puts our clients in the driver’s seat. No long term contracts or fear of obligation.

Whether you're downtown, uptown, metro or mountain, Josh’s unique V.I.P. Buyer System guarantees our clients access to properties that match exactly what they’re looking for, literally as they come on the market. Our property lists include homes from EVERY Salt Lake neighborhoods' Realtor and Brokerage. They also include bank owned homes, government owned homes, corporate foreclosures and our own very special PRELIST properties that are not even on the market yet.
Want to sell your Salt Lake County Home? Get a FREE Home Value Report: http://www.servingsaltlake.com/sell/

Want to buy a Salt Lake County Home? Search All Homes For Sale: http://www.viewsaltlakecityareahomes....

Joshua Stern
The Stern Team
2121 S McClelland, St. #201
Salt Lake City, UT 84106
Phone: 801-859-7509
Fax: 801-326-8615

TRANSCRIPTION:

Today, we’ll talk about the TRID Mortgage Disclosure Form, which affects both buyers and sellers. This new integrated disclosure rule is the Federal Government’s attempt to clean up and simplify the mortgage closing process. It helps make things easier to understand for buyers.The rule has a good basis, but it also has some unintended consequences for both parties.

TRID has now gone into effect. Let’s talk about the good stuff first. Buyers will get the payment on the document signed at closing. We love the new look of this document, because buyers are always concerned with payment. It makes sense. Additionally, you will receive the closing documents directly from the lender, instead of the title company.

However, there are some unintended consequences. For instance, changes in concession amounts by the buyer will require a mandatory three-day redisclosure by the lender. This means you can’t change this just before the settlement deadline, before you purchase your new home. You have to do all of that in advance.

Terms now are changing, which can cause confusion here in Utah.Previously, settlement was defined as closing in the Utah real estate purchase contract. Instead of settlement referring to the title company, it now refers to when everything is recorded. This could be also be confusing because the Utah real estate purchase contract has not changed its verbiage and I believe the Federal Government will likely override the state’s verbiage. Furthermore, we will use consummation now instead settlement. Consummation refers to what happens when we submit documents to the title company.

A change in loan will require a new six-day redisclosure. This is a big deal. Lenders will no longer send documents to the title company, but instead, prepare the documents for themselves. Many lenders are not prepared for this An average escrow period will shift closer to 45 days, making thirty-day closings will be a thing of the past. Please note we do not advise accepting or writing an offer with a thirty-day settlement, unless the lender confidently fulfills the new rules. Our preferred vendor has assured us that they’re able to stick within this thirty-day time frame.
Thanks again for taking the time to watch our blog! if you have any questions, feel free to call me or email me directly.