There are some significant changes just around the corner for the real estate industry… October 3, to be exact.
With that – we sat down with Lori Anderson, Georgetown Mortgage, to chat about how they’re prepared for the TRID/CFPB changes and how we’re working together to ensure a smooth transaction. Take a look!
What exactly will be changing? Here’s a high level view:
* CFPB (Consumer Finance Protection Bureau) was created under the Dodd-Frank Act and the focus is to provide fairness and transparency in the real estate transaction
* There will be new disclosure requirements and time frames for lenders. If lenders are unable to provide disclosures and proper documentation to their borrowers under the allotted requirements, closings will be delayed.
* Realtors will also have disclosure requirements for their clients – including some changes in promulgated documents in the transaction. Most notably, an authorization form to gain access to closing documents.
How has the Best of Wilco Team – Keller Williams Realty already prepared for this?
* Those who work with us already know that we like to be ahead of the game. This is no different
* We have already created best practices internally and with our partners to ensure smooth closings. Our lender and title partners are still prepared to execute a 30-day closing
* We strongly recommend our buyer clients work with a lender who is fully prepared and can offer full approval prior to contract submission.
Here’s a copy of the road map we referred to in the video:
Curious about your property’s value? Just enter in address and contact info and we’ll get the details to you – www.WilcoHomeValues.com – or email us at marketanalysis@BestOfWilco.com
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