- Purchase Contracts – Include ALL pages, additions, addendums, change orders, price additions/concessions
- DETERMINE closing agent EARLY in process – PROVIDE ALL contract info to closing agent ASAP
- DETERMINE homeowner’s and flood provider EARLY in process
- MUST assure a borrower provides ALL lender requested loan documents, forms, and information in a TIMELY manner – Borrower delays WILL DELAY closing date. At a minimum, borrower should bring the following to loan application:
- Most recent 2 years W-2’s
- Most recent 2 years federal tax returns
- One month’s current pay stubs (60 days preferred)
- Copy of driver’s license
- 2 years residence history to include landlord contact information
- Documentation of any special pay: social security, disability, self-employment, etc.
- Encourage borrower/buyer/client to gather items in #4 EARLY in the house hunting phase!
- Representing Seller? Be sure Seller’s attorney does not delay in:
- Unreleased liens
- Estate issues
- Title issues
- Encourage 45 day closing dates vs. 30 days. Educate seller and buyer on TRID RULES!
- Order & Coordinate home inspection ASAP! Appraisal is NOT ordered until receipt of okay home inspection.
- Assure repairs, punch list items are done well before closing. Strongly recommended to add 7 day requirement in PICRA. Seller must be educated on TRID timelines.
- Goal is CD completion 7 to 10 days PRIOR to close date
- CLOSING DISCLOSURE MUST BE GIVEN to customer THREE (3) BUSINESS DAYS PRIOR TO consummation (closing) – NO WAIVERS!
- Last minute/same day closings are HISTORY.
The Good News? TRID will require us to be better in our respective areas of the real estate transaction – hopefully a win-win for everyone!
BORROWERS = Active Role in the Process!
For additional information and form samples, visit cfpb (Consumer Financial Protection Bureau) at www.consumerfinance.gov