By Ron Rovtar
Cherry Creek Properties LLC
303.981.1617
Yep! The feds have messed with the closing rules. But take heart! It appears the new TILA/RESPA Integrated Mortgage Disclosures Rule (just call it "TRID") will actually be a major improvement.
The rules reduce paperwork from your lender. And they make it easier for you to compare the numbers you receive when applying for a loan with final numbers at closing. These are good things, which should make your closing less confusing! So it looks like the Feds did it right this time!
However, there is one important issue of which you should be aware. The FINAL Closing Statement must be provided no less than three business days before closing.
This is good on the face of it because it gives you more time to find a potentially costly mistake. But what happens when there is a mistake? Mistakes on closing docs
If a buyer or seller has hired a moving company for the day of, or the day after closing, the error could mess everything up because the error would likely require a change in the Closing Statement. And generating a new statement often will mean that the closing day must be delayed until three days after the new statement is delivered.
do happen.
So, if closing on time is important for our real estate clients, we will be asking lenders for this document FOUR days before the scheduled closing. You should, too!
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Ron Rovtar, Cherry Creek Properties, LLC, is a broker associate in Boulder, CO. Please call Ron with all your questions. He can be reached at 303.981.1617. To learn more about Ron, please visit his website. For more about life in Boulder County and nearby, check out our facebook page. Ron Rovtar does business as Front Range Real Estate, Ltd. All photos © Ron Rovtar
#TRID #RealEstate
