Tuesday, September 1, 2015 - Article by: MEL SMITH--LENDER OF THE MONTH - Meadowbrook Financial Mortgage Bankers -
Many individuals that have careers linked to the Real Estate industry are quite familiar with all of the recent changes. The Mortgage industry as a whole has experienced a refining process over the last few years. We are now preparing to embrace a new change called "TRID". The new rules taking effect on October 3rd will change the Home Buyer experience. Many Professionals and Home Buyers are seeking to understand, the Consumer Financial Protection Bureau's (CFPB) Know Before You Owe mortgage initiative.
The new "TRID" initiative is designed to educate and empower consumers with the data needed to make an informed decision. It has become a common belief that a home purchase is one of the biggest financial investments. It would be advantageous to have important information beforehand when making a purchase or refinancing a home. After the housing crisis, there have been many measures taken to warn and protect Home Buyers.
"TRID" - TILA-RESPA Integrated Disclosure rule has two primary objectives for potential and current Home Owners.
1.It consolidates and simplifies most of the disclosures provided during the Mortgage process.2.It changes and defines some of the events that take place throughout the Mortgage process.
If you are currently planning a Mortgage transaction, be sure to research "TRID" and how it will affect you. The implementation should help you position yourself for success and you start the process. It is important to select and work with a Mortgage Professional and Real Estate Agent who've become versed in "TRID". In the coming weeks, I will be breaking down the various and key points of "TRID". -stay tuned.
Mel Smith ----Mortgage Expert ----845-290-3319
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