Do you still have TRID questions?

Earlier this year, we accurately predicted that Members would have a lot of questions as they work in the new world of TRID. To support you in this effort, we created the CFPB Hotline that can be accessed via email (cfpbfaq@thefund.com ) or phone (1-844-CFPB-FAQ). The number of emails and phone calls have increased significantly in the last two weeks and we expect the high volume to continue for several weeks, perhaps several months! The calls are routed through the Help Desk with the very able support of our Member Support Representatives and Legal Education and Underwriting Attorneys.

We log and track each and every call. There are several recurring topics: which closing statement to use, how title premiums are to be disclosed, and how to deal with lender instructions, ect. As more calls come in, the wait times are necessarily going to increase. Before you call, consider going to our Information Center page on the website because there is a good possibility the answer to your question will be there. This will avoid holding for a Hotline Rep (taking you away from your work) and it will free up the folks that support the Hotline to respond to the more unique and difficult questions. Thank you for understanding!

I strongly urge you to watch the training video for the Closing Disclosure in DoubleTime® before you have your first TRID closing and realize that you need help. Members are expecting the Help Desk rep to "walk them through" completing the Closing Disclosure on DoubleTime®, however, our Help Desk reps cannot spend the time required to do this and they have been told to refer you to the training video.

You can find the DoubleTime® training videos, CFPB FAQs and DoubleTime® FAQs on the Information Center page: www.thefund.com/infocenter

Send us your stories! It is very important for us to know what is going on out there in the trenches – it helps us give you the support you need to get through these initial months of TRID (develop webinars, email content, train our support folks). Here are the types of things we are interested in:

• What conflicts, disagreements, or discussions do you have with lenders about the way title insurance is shown on the Loan Estimate and/or the Closing Disclosure?
• How do you provide lenders with the fees and costs they need to prepare the Closing Disclosure?
• Are lenders preparing and delivering the Closing Disclosure?
• Are portals working?
• Are closings being delayed because of confusion over TRID?
• Do you feel that the consumer benefits from the new rules? Do they feel more comfortable at closing having received the Closing Disclosure ahead of time? Do you think they understand the transaction more than under the good old HUD regime?
• What "other" closing statements are you using, e.g., ALTA, HUD-1, DoubleTime® buyer-seller, other software closing statements?

This list is not exhaustive - so please let us know what you are dealing with - you can email me (m.murphy@thefund.com) or the Hotline (cfpbfaq@thefund.com).

I spent most of last week at a meeting of the Executive Council of the Real Property, Probate and Trust Law Section of The Florida Bar (RPPTL). Lots of things were discussed but here are some key points that I thought I would pass along:

• The recently revised FAR-BAR contract has now been posted in PDF-fillable form on the RPPTL website.
• There was a lot of discussion about the advisability of using an engagement letter on residential real estate transactions. We recognize that this is not a common practice but several very good points were made about the advisability of doing this. Suggested content of such a letter will soon be posted on the RPPTL website. Please keep a look-out for this so that you can evaluate whether you want to make this part of your practice.
• A small group of Executive Council members are working on a statutory solution to the dilemma that you often encounter when there are open permits on property – these permits might be several years old but still remain open for various reasons. These situations are often a stumbling block to completing the closing. The buyer or seller has trouble getting the local building department to do a final inspection, the contractor that pulled the permit is nowhere to be found and it is difficult to get another contractor that is willing to take over and try to get a final inspection done. This is not a title insurance issue but a contractual issue between buyer and seller. Stay tuned to see whether a legislative fix can be successful.

I hope you have found this information to be helpful.

Thank you for your support of The Fund.