October 3 is the Beginning of a New Era in Real Estate Closings.
The TILA-RESPA Integrated Disclosure (TRID) Regulations that go into effect October 3 will affect almost all federally insured residential real estate transactions.
Real estate transactions will run smoothly – with diligence and communication on the part of agents, lenders and buyers.
On August 17, 2015, the Joint Committee of the Cincinnati Area Board of REALTORS® and the Cincinnati Bar Association will host a “lunch and learn” forum “Navigating the Loan Estimate and Closing Disclosure Forms.” The forum will be at the Cincinnati Area Board of REALTORS®/14 Knollcrest Drive/Cincinnati/OH 45237 from Noon to 1:00 p.m., and the speaker will be Roccina Niehaus, Esq. of Wood and Lamping, LLP.
This is your opportunity to learn about the new disclosure requirements for residential real estate transactions before they go into effect. Here are a few key elements of the new regulations:
- Effects new loan applications beginning October 3, 2015
- Minimum 3 business days notification to send Closing Disclosure (includes Saturdays, excludes Sundays and holidays)
- Your real estate license number and company state license number is required
- Closing Disclosure Statement (CD) replaces HUD-1
- In many cases, the Creditor (Lender) will prepare CD in coordination with the closing agent
- Buyer won’t see seller side, seller won’t see buyer side; agent won’t see anything unless client provides it.
- Certain changes may trigger a delay and a new 3-day waiting period.
- 30-day closing timetable is gone – 45 is the new 30; in some cases it may be 60
The Closing Disclosure will integrate the current Truth-in-Lending, Good Faith Estimate, HUD-1 and certain RESPA disclosures. It will be 5 pages long and have 5 columns for information. Timing, preparation and delivery of the CD will be regulated by the rules established by the Consumer Financial Protection Bureau.
The basics of these new regulations and the new forms will be highlighted and discussed in this forum to familiarize the audience with the changes to the closing process.
So grab your lunch and bring it to the forum to learn about these changes in closing procedures/documents for real estate transactions.
Register on line at www.cabr.org, under the CABR Events section, and use the Event Code RLF0817.