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Expect Delays

June 6th, 2015 · No Comments · Mortgage Information, Real Estate News

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Major changes are coming to real estate transactions starting August 1st, 2015. Any transaction involving a mortgage will need to use the new disclosure forms created by the Consumer Financial Protection Bureau (CFPB).

The Truth in Lending Act/ RESPA Integrated Disclosures (TRID) will create timing requirements for disclosures that lenders need to make to consumers.  Not only will these forms be used in transactions, the relationship between the Lender, Realtor, Title Company, and Mortgage Broker will now be altered since the lender can be liable if certain costs exceed the tolerance limitations set forth in the TRID.

The changes may delay a transaction if certain changes occur as the TRID requires a 3 day waiting period prior to closing which could cause lender delays. You better have all your ducks in order way before closing.  Typical escrows in Santa Barbara use to be on average 30 days. Many suspect that with the new forthcoming disclosures 45 days may be more likely.

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