Archive | October, 2015

What is TRID? Real estate changes are here.

Major changes and overhauls have been taking place in most professions. The medical field has changed significantly over the years, insurance benefits and policies have been restructured, and the education field has revamped teacher evaluations, curriculum, and more. It’s just a fact of life right now. And real estate isn’t immune.

Since the passing of the Dodd-Frank Act in 2010, lenders, title companies, appraisers, and Realtors have all been dealing with major changes. Most of the changes have merely been annoying, and some have caused a bigger hit to the pocketbook for buyers and sellers, but nothing has been as drastic as the changes that recently took effect October 3rd, 2015.

What is TRID?This latest set of reform, known as TRID, is causing major delays for real estate clients. What is TRID? TRID is slowing the buying process by forcing our lenders and title companies to scramble, interpret gray areas, and create new computer programs. And, like most changes thrown upon us, there is nothing we can do about it.  The best thing to do is to let you know how these changes affect you. Continue Reading →