In this SCVnest and REMAX of Valencia CA Blog article, I discuss TRID and the changes to the escrow process that will are starting to take hold and extending the “traditional escrow” time frames.
I will also hit upon what lenders want and why they want so much when it comes to asking for “things” from you during a transaction. I know this can get tedious – but it happens. I’ll talk about what is “normal/typical” and what equates to a bad lender.
When we first started real estate, in 1998, it took 30’ish days from beginning to the end of an escrow.
Escrow starts at the time of acceptance. Once all parties to a transaction – the buyer(s) and seller(s) agree and sign on the line which is dotted, the deal starts.
Enter Stage Left the TRID – TILA/RESPA Integrated Disclosure – that’s what it stands for.
TILA – Truth in Lending Act
RESPA – Real Estate Settlement Procedures Act
If a train leaves Chicago, headed to the Saugus City in the Santa Clarita Valley California, and if it is carrying 32 passengers amongst 15 passenger cars – How much does the Train Weigh and Will your Mom say yes? x = mom…
What does it mean? Buyers who are borrowing money to buy real estate, have three days to review changes in their loan.
Maybe the lender is changing their interest rate – they have three days to review it and agree or deny it.
It could be that the loan program promised was changed to something else, like an adjustable rate mortgage, that gives the buyer three days to review the changes to approve or deny them.
There are many other “items” in which now give the buyers three days to review, which keeps the buyers of the world, who need a mortgage to buy a home, safer in the long run.
But, like anything – change is hard for some and others embrace it as we do. Especially if it keeps our Paris911/SCVnest clients safer during the real estate process.
OMG – how many times are you going to ask for that?
Of course, that is a fact. Some lenders ask for the same documentation they have already received to save time or because they have misplaced it.
Maybe the lender is “out of the office”, they should have access to their Cloud where all of your documents are stored securely – but they might think this type of “cloud” is where rain comes from…
Maybe they are out and have remote access – but no internet connection and the underwriter needs a document that will delay the deal if not received in 1 hour.
That happens – However, I think that most lenders and mortgage professionals should be up to speed on new technology and working in the 21st century.
The question to ask, when hit up about something you have already turned over is, “didn’t I already submit that to you?”
If it continues to repeat, and if your Real Estate Agent referred you to the lender, let them know. Tell them, don’t be shy. There are others that will do backflips to get your business, that’s another fact!
However, don’t confuse an updated paycheck stub with a more current date, even thought the earnings and deductions have not changed, with being the same as what you turned it before!
Maybe they are asking for a “verification of employment” document. This is a document that says you are employed. You are thinking, “I already gave that to you silly…” – However, the lender needs one with a newer date because it’s being asked for by the actual “money source”.
Lending Happens – 🙂 We are local real estate agents and work with the REMAX of Santa Clarita Brokerage. We ask our real estate clients to keep us informed when they are in the lending process and obtaining a mortgage. Even if they are bringing their own lender to the table, we want to keep informed and posted on the happenings.
If our clients feel as if they are doing too much repetitive work, we ask them to tell us so we can get to the bottom of it.
Maybe the lender they are using is a non hacker and does not pack the gear to serve in the lending profession. And Maybe it’s a misunderstanding.
We will get to the bottom of it, apply enough grease to get the transaction moving smoothly again.
I’m Connor MacIvor with REMAX and I’m proud to be of service.
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Whether you want to buy or sell a home, timing is everything and we get into that at HousingRadio.com.