With the implementation of TRID rapidly approaching (Oct 3rd in case you live under a rock), there is one truth that cannot be denied: The new 3 day waiting period before consummation is going to suck! There I said it! We've all been thinking it. It's hard enough as it is to get the stars to align just right to make closing and now we are going to be required to have the file ready to go 5 business days earlier?! Some files, no problem. Others, Houston, we have a problem. TRID is really going to require the real estate agents start doing a little more up front than has been required in the past. Has the borrower been prequalified by a reputable mortgage company? Do they have their fund to close (BIGGIE)? Are there going to be repairs that will not be done at least a week before file is set to close? A 30 day close is looking tough right now. It's looking like everything will have to line up just right. Here's a timeline I created to set the expectation. Obviously, subject to change once we get rollin with TRID but as of now, this looks to be a good guide. One hiccup will cause a delay as you can see. Right now, TREC has proposed changes to the real estate contract to add some verbiage to allow an extra 10 days to closing date due to new TRID disclosures but they have also proposed changes to the financing addendum wanting the borrowers to be fully credit approved subject to appraisal. Let's all hope for a smooth transition! Cheers!
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