Will TRID make it more cumbersome for all parties involved?
TRID – Is it really so bad? How can I prepare?
Everyone is worked up about TRID. It goes into effect October 3rd and has been likened to the Mayan Calendar ending; The Apocalypse.
Will make it more cumbersome for all parties involved? Sure. Is it another regulatory boondoggle? Absolutely. Is it going to crash the lending and housing market? Not a chance.
The best way to prepare for TRID is to understand that no one knows what all the rules mean. Make sure all parties in your transaction know that. Prep them for longer closings and last minute problems and inconveniences. I would recommend 40-45 day closings.
As long as everyone’s expectations are set correctly, you will avoid a majority of the stress that will come with this change. Our industry has been changing for years now. Some changes have been bigger than others; but we’ve all made it through just fine. This will be no different. Plan on 90 days of chaos and then it will iron out.
Good luck out there!
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