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Archive for October, 2015
CFPB/TRID: What You Need to Know as an Agent
CFPB / TRID goes into effect October 3rd & these changes will have an impact on the lending process & on the Closing Process. Please take a class on these changes! Go to the MX1 Training Calendar & Register for: “Show Me the Money & Get Me to Closing.” Also, make sure you utilize the Maximum One Affiliated Lenders & Closing Attorneys for fabulous communication as the industry goes through this transition. Lender & Attorney contact information located at the bottom of this newsletter & on the MX1 Blog under “Vendors.” More information is on the Extranet under “CFPB – TRID Information”
Suggestions to Be Prepared:
- Check on repairs at least 10 – 14 days PRIOR to closing. If the Buyer & Seller end up negotiating financially for repairs which have not been completed, this may have to be re-disclosed on the Closing Statement. Ensure plenty of time for these re-disclosures so as not to delay closing.
- Schedule closings mid-month & at the beginning of the week.
- Many Lenders (especially large banks) will be preparing the Closing Disclosure – NOT the Closing Attorney.
- Lenders preparing Closing Disclosure may NOT have accurate nor current HOA documents – which will inevitably cause a delay & the requirement of a new HOA Transfer Letter or Disclosure Letter which will cost the Buyer or Seller money.
- Contracts binding under the RE Forms Contract do NOT allow for a Unilateral Extension of Closing Date – if Buyer’s Lender must re-disclose & cause a delay, if Seller does not agree to an extension, Buyer will default on the contract.
- Consider scheduling closing PRIOR to the actual end date of the contract.
- Closings may take closer to 2 hours
- Be on time to closings or they may be re-scheduled
- Lenders & Attorneys may only send encrypted email
- Lenders & Closing Attorneys may NOT send you a preliminary Closing Disclosure
- Closing Attorneys may not send you wire instructions – only to the Buyer
- Lenders must follow strict time frames based on mandated guidelines
- Buyers MUST acknowledge receipt of Closing Disclosure
- Closing Attorneys will have more locked doors in their offices & you will not be able to walk through office unescorted
- HOA letters WILL be an issue & you will more than likely need 2 letters – negotiate up fron who will pay for these & set the proper expectations
- Determine who you are to send your Commission Instructions to – the Lender or the Attorney
- Pay-at-Close may not be honored by Closing Attorneys due to limited space on the new Closing Disclosure
- The Brokerage Firm Number must be included on the Closing Disclosure
- MXGA: Firm License #56897
- MXGA Address: 5041 Dallas Hwy., #700, Powder Springs, GA 30127
- MXGR: Firm License #62825
- MXGR Address: 3200 Cobb Galleria Pkwy. #275, Atlanta, GA 30339
- Your License Number must be included on all Closing Disclosures
- Back-to-Back closings will be EXTREMELY Difficult due to potential re-disclosure issues
- Hazard Insurance must be paid-in-full prior to closing
- Schedule Closings at LEAST 45 days from Binding Agreement Date
- Agents may not use Closing Attorney’s computers (i.e. to print an Amendment) so bring your file with you & Blank Amendments
- The Key for you as an agent is to stay in constant and meaningful communication with the Lender and Closing Attorney as well as your clients, customers and co-op agents.
- Stay as informed and current as possible on the impact of these changes.
- As they changes first become enacted, it will be vital to utilize Lenders & Closing Attorneys whom you know, love, trust & have a good relationship – especially the Maximum One Affiliated Closing Attorneys & Lenders
- Remember that PATIENCE is a virtue!
Links to More Information:
Loan Estimate TImeline & What Defines Loan Application
Sample Seller’s Closing Disclosure
Maximum One Realty 