Southwest Florida Title Insurance & Real Estate Blog -

Archive for June, 2015

TRID Can Unfortunately Kicked Down the Road

Posted by Chris On June 19

It’s Friday, a typically busy day for us in the title business. We have five loan closings on the schedule – five families about to complete the home buying journey. This should be an awesome day! The awesomeness, though, is already tarnished. Why? Great question! And the answer is why we are sorely disappointed that the CFPB has decided to kick the TRID can down the road.

TRID delay keeps closing tables empty . . . .

TRID delay keeps closing tables empty . . . .

Of the five loan closings on our schedule today, only one is ready to go. That’s right . . . only one. On the other four, we are still waiting for closing instructions and documents from the buyers’ lenders. That means that four eager home buyers do not know whether or not they will be able to close today. Four eager home buyers do not know how much money they need to wire to complete their purchase. Four eager home buyers do not know whether they will be able to unload their moving trucks today. This scenario creates tons of stress for consumers, who should feel nothing but excitement about their closing. Yet it happens every day; and it is, by far, the worst part of what we do – having no control over something that causes unsuspecting consumers so much stress.

For us, the best part of the new TILA-RESPA Integrated Disclosures (TRID) rule addresses this annoying and stress-inducing phenomenon. Initially effective on any loan application made on or after August 1, 2015, TRID requires creditors (mortgage lenders) to deliver the Closing Disclosure form to consumers (buyers/borrowers) at least 3 days prior to “consummation” (under the final rule, the Closing Disclosure replaces the HUD-1 settlement statement and the final Truth in Lending Disclosure). That means no more Fridays like today; no more poor buyers waiting helplessly on the day of closing for final figures; and it should mean improved experiences for every party to the transaction. Because of that, we were really looking forward to the implementation of the rule, warts and all.

On Wednesday, the Consumer Financial Protection Bureau announced that it would delay the effective date of the rule to October. Most of our industries’ advocacy groups have heralded the decision as ideal for consumers, the thought being that the complexity of the changes would interfere with closings. No doubt, there will be some hiccups. They’ll be there in October as well. In the meantime, we’ll be here, with empty closing tables, waiting for closing instructions and helping to manage buyers’ stress.

It’s All About the Kids This Summer

Posted by Chris On June 12

Since November of 2014, your real estate closings have generated $3,000 for local charities. This summer, the Winged Foot Title team has chosen to support the Children’s Home Society of Florida. Take a few minutes to watch this video about CHS’s impact on kids.

We hope that you will join us this summer in support of CHS and help to bring children “healing, homes and hope.” A portion of every closing will be donated to this worthy organization and the children it serves. In the meantime, you can connect with CHS directly through Twitter and Facebook. Thanks all!

NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.