Real Estate Closings | TRID Changes | Venice FL
There are big changes coming to real estate that will be affecting both home buyers and home sellers that center around mortgage loans and closings. Known in our industry as TRID (which stands for TILA RESPA Integrated Disclosure), buyers who are financing their real estate purchase will have new financial disclosures and mandatory review periods that will affect how long it takes to close, once a property goes under contract. The HUD-1 settlement statement will disappear on 10/3. Home buyers will receive two new forms when financing: an initial loan estimate disclosure, which replaces the current GFE (Good Faith Estimate) and the inital TIL (Truth in Lending disclosure); then, three days before closing, the home buyer and home seller each will receive a Closing Disclosure, which is meant to more clearly outline loan terms, fees, and other charges than the current HUD-1 settlement statement. The changes this brings to the residenial real estate industry are very detailed, b...