These days “TRID” is about the worst four-letter word an agent can hear. It seems to mean delay, delay and more delay. Although the vast majority of TRID’s requirements are aimed at lenders and title companies, there are some things that the real estate agent can do to help the process.
- Send your commission statement to the attorneys and lender as soon as is practical. Generally speaking, the broker commission will not change once attorney review and inspection are complete. By sending your commission statement to the attorneys and the lender early in the process, there is less chance of a delay in completing the Closing Disclosure.
- Provide the lender with information regarding any costs that the agents are paying on behalf of the buyer or seller. A good example of this is when the agents are covering the cost of a home warranty. If the lender is not made aware of the broker credit before Consummation, the Closing Disclosure could change, which may trigger a three business day delay!
- As soon as possible, send the lender your contact information, including your name, address, email and phone number. The lender must have this information to comply with TRID.
These tips will help smooth the process and help avoid delay!