Don't procrastinate about TRID!

The October 3rd date is creeping closer, are you prepared?

The countdown continues! To be ready for the implementation of the TRID rules, here are some important things to address:

• Register for and watch our own CFPB webinar that fully explains the new Closing Disclosure form and the rules around it. This is an excellent overview of what is included in the Closing Disclosure, how it is organized and the process around the preparation and delivery of it to the consumer.

• Visit the CFPB website. It has good information. They have recently posted tools developed for realtors and for consumers that explain the new rules in layman's terms. There are also more technical resources for those of us who need to know a bit more detail. Try it! You will have to invest a little time reading the materials but the more you read, the more it begins to sink in. www.cfpb.gov

• If you have CFPB questions, contact the CFPB Hotline. Earlier this spring we launched the CFPB Hotline as a way for you to ask questions and get answers about the new Closing Disclosure rules. The CFPB Hotline will continue to operate after the TRID changes go into effect on October 3rd, so please utilize this resource if you need Closing Disclosure help. You can send your questions through email at cfpbfaq@thefund.com or by calling a dedicated, toll-free number: 1-844-CFPB-FAQ or 1-844-237-2327

• Is your software upgraded to accommodate the Closing Disclosure? DoubleTime® 7.0 is available for download now. If you are a DoubleTime® user, but have not upgraded to DoubleTime® 7.0, you will soon no longer be able to access electronic services (i.e., you will not be able to order policy jackets and CPLs, remit policies or premiums electronically, or access ATIDS). The upgrade is free of charge so please do this right away.

• If your software is not yet upgraded and you are not a DoubleTime® user, you need to contact your software provider immediately and ask them how to accomplish this.

• Communicate with the realtors with whom you regularly do business. Here are some points to make with them:

• The effective date of the new rules is October 3.
• They need to think through when a buyer will be applying for their loan - before or after October 3?
• The new FR/BAR contract form will be released mid-September and anyone involved in negotiating and drafting needs to make sure they use the appropriate version of the contract.
• Most lenders will be preparing the new Closing Disclosure.
• Most lenders will require information to complete the buyer's side of the Closing Disclosure around 10 - 14 days in advance of the scheduled closing date.
• Everyone needs to be patient as we learn how to operate with the new rules. There probably will be delays and they should counsel the buyer and seller to stay calm and work with everyone toward a successful closing.

More info is available on our Top 10 Things Real Estate Agents Should Know which is posted here.

• Communicate with the lenders with whom you regularly do business (especially small to mid-sized lenders). Here are some points for them:

• Are they going to prepare the Closing Disclosure and deliver it to the buyer?
• If so, when do they need the information from you to prepare the buyer side of the Closing Disclosure?
• How will you exchange this information (and loan documents) with the lender?
• How will they handle changes to the Closing Disclosure after it has been delivered to the buyer?
• When can you get a copy of their revised loan closing instructions?
• Will their funding procedures change after October 3?

More info is available on our Top 10 Questions for Lenders which is posted here.

Good luck! And, as always, thank you for your support of The Fund.

Best Regards,

Melissa Jay Murphy
Senior Vice President and
General Counsel