The TRID is coming, the TRID is coming…are you ready?

Written by Jeff Gould Posted On Wednesday, 24 June 2015 11:14

State: Alabama
SOLD: 2
Old Article Id: 35980

The TRID is coming, the TRID is coming…are you ready?

The implementation of the TRID has just been pushed back to October 1, 2015 because of a clerical issue. Once it starts getting implemented it will bring along some changes to the mortgage process and real estate industry. It will affect homebuyers, sellers, real estate agents, mortgage professionals and title companies. There will be new time frames to meet as well as new forms. Today we are just going to take a quick look at the new forms.

What is TRID?

It stand for the TILA-RESPA Integrated Disclosure Rule. It goal is to make mortgage and home buying costs more transparent and easier to understand for consumers.

Introduction to the New Forms

The homebuyer will be receiving new disclosure forms from lenders explaining the loan estimate and loan closing.

The Loan Estimate: this form combines the Good Faith Estimate and the Truth in Lending Disclosure into a shorter form that is much be easier to understand and it explains the loan’s key features, terms, costs and risks at the beginning of the mortgage process.

This new for seems much more user friendly. Take a look at a sample of it here:

Loan Estimate Form Sample

Closing Disclosure Form: this form combines the final Truth-In-Lending statement and the HUD-1 settlement statement into a shorter, much more understandable form that should really help both the mortgage professional and real estate agent explain all the costs and fees to the consumer. See the new form here:

Closing Disclosure Form Sample

Personally I've been pretty outspoken on how confusing the old GFE and HUD-1 were for the consumer. I am looking forward to the new forms!

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About the author

The above new construction article “The TRID is coming, the TRID is coming…are you ready?” was written by Jeff Gould.

Jeff is a top selling, nationally recognized Florida REALTOR®. You will find him selling homes in the Tampa Bay, Florida area. That area includes FishHawk, FishHawk Ranch, Lithia, Riverview, Valrico, Apollo Beach, Brandon and Tampa.

If you are looking to sell or buy a Tampa Bay area home, Jeff is your local and trusted professional. You can contact Jeff here.

Connect with Jeff on:

Click here additional FishHawk Ranch Real Estate information or other FishHawk Ranch Homes For Sale.

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Jeff Gould

A little about me, as a longtime FishHawk (Tampa Florida area) resident and full time Realtor I know how difficult and demanding it could be to buy or sell a home.

In the majority of instances a real estate purchase will be the largest financial transaction a person will make throughout their lifetime. I believe is important to choose a Realtor that is an expert in the area they are working and someone that you are comfortable with.

My Philosophy:

I believe the role as your Realtor is to guide you through the buying or selling process, taking the time to make sure you are comfortable and understand every step of the transaction. I will ensure you know that market value of what you are buying or selling. I will assist with the contracts, addendum’s and any inspections you may need.

Comprehensive knowledge of the area:

Being long time resident of FishHawk and full time Realtor, I know FishHawk and the local communities very well. This in-depth knowledge of the area combines with my extensive real estate expertise will help you make the most informed decisions possible.

My Qualifications:

1) Full time Realtor in Florida for over 11 years. I have been involved in real estate since the 1980’s. Yes I remember 18% interest rates!
2) Since January 2013, closed over 80 transactions. That ranks me in the top 1% of Realtors in the Tampa Bay area.
3) Proud FishHawk resident since 2005.
4) Trained to work with both buyers and sellers.
5) Closed over 10 Fannie Mae REO transactions during the last year as a buyer’s agent. These are very complicated and time consuming transactions. They are not always easy to close but in some cases they could be a good purchase for a buyer.
6) Short Sales are no problem! I have a team of negotiators that have negotiated and closed hundreds of Short Sales. It is a complicated process but I will be happy to confidentially explain the process, answer your concerns and guide you through this process.

Thanks for reading. I am at your service for real estate in the Tampa Bay area and I am the real estate expert for FishHawk Homes For Sale. Click here for a great FishHawk Ranch Community Video Tour.

http://www.FishHawkRanchRealEstate.net Email Jeff Gould about this article

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