The transition to TRID is going smoothly for most lenders, buyers & sellers. TRID took effect on Oct 3, 2015 and has slowed down the loan process slightly.
Under the changes, the Good Faith Estimate was replaced with a Loan Estimate (LE) and the HUD-1 Settlement Form was replaced by a Closing Disclosure (CD). The Closing Disclosure must be given to buyers at least three days before closing to give them a chance to review the final numbers. This is obviously great for consumers (buyers) as they can compare their LE with CD to make sure closing figures have not changed significantly. As with all changes in the home buying process, there was much trepidation throughout the industry about the possible impact on home purchases and closings.
The key to making sure you have a smooth escrow and minimal delays from our perspective is choosing to work with a strong lender who has already taken proactive steps to ensure TRID has minimal to no impact on your closing time frames. Many of the local direct lenders have taken this approach and for the most part have nullified the impact of TRID on time frames to close.
Just recently we closed escrow with an out of area lender who was not prepared nor well versed in the TRID nuances and this resulted in a full one week delay in closing. By industry standards that is a long and unacceptable delay, especially when it could have been avoided.
Choosing a solid, reputable lender is crucial and should be given significant consideration before moving forward with lender who may not be well versed in the new changes and not prepared to navigate the new closing process.
For more information on TRID, you can go to Consumer Financial Protection Bureau website run by the U.S. Government http://www.consumerfinance.gov/know-before-you-owe You can also click the website sample down below to navigate to the site for more information.
If you are thinking about buying or selling, please give us a call. Year over year we have been ranked as one of the top teams for Keller Williams Realty throughout all of California and we would be happy to put our expertise and track record to work for you.
On the city links below you can see all active inventory for the following key bay area cities:
The EastBayPro Team would like to thank our numerous clients and friends this year for trusting in us and most of all wish you and your family a wonderful Thanksgiving Holiday!
You can reach our team members at 925-304-6346 - Kevin R Kieffer, Broker Associate - Team Leader for Keller Williams Realty's EastBayPro Team - Our team members include Naomi T Kieffer, Matt Rubenstein, Dana Grant, David P Johnson, Heather Gowdy, Jamie Duvnjak, Scott Maher, Nina Kasper-White & Ken Wilson - Please call and "Let Us Exceed Your Expectations".
Author:Kevin Kieffer Phone: 925-300-8000 Dated: November 18th 2015 Views: 291 About Kevin: Kevin R. Kieffer is a Broker Associate and Realtor with Keller Williams Realty. His focus is the Eas...
Kevin R. Kieffer is a Broker Associate and Realtor with Keller Williams Realty. His focus is the East Bay residential home market. He is a top producing agent and also leads leads successful team of Realtors as one of top producing teams throughout all of California (Real Trends Ranking). He was recognized as a Five Star agent numerous years through an independent survey and has been featured in Diablo Magazine. He closed out 2014 in the top 1% of all agents in Contra Costa & Alameda counties and is currently one of the top producing agents in 2015. He has offices in Danville & Walnut Creek and has a team of experienced Realtors focusing on markets throughout the East Bay. Please give him a call and let him exceed your expectations! Office Phone: 925-304-6346 Cell Phone: 925-300-8000
Although there is much talk of rates rising, the mortgage market still
"Even having done our homework, my wife and I were still nervous and unsure of what to expect when we began shopping for our first home. Adding to the uncertainty of being first-time homebuyers, we were also renting a home that would require us to terminate our lease agreement early should we purchase a home before the expiration of our contract. Enter the EastBayPro Team of Kevin and Naomi Kieffer. Let me start off by saying Kevin and Naomi are without a doubt experts in the business of real estate. Buying, selling, renting, flipping, investing, property management…you name it, they know it. With that being said, we came across Kevin’s phone number when we drove passed a house we thought we might be interested in viewing. Kevin was the listing agent for the property and within a couple of short hours after speaking to him over the phone, we were back at the property and he was showing us the home. Kevin did a great job and was extremely knowledgeable of the property he showed us but in the end it was too small for our family’s needs. We later decided to have EastBayPro Team represent us as our buyer’s agent and we made a wise decision in doing so.
Kevin was always responsive in that whenever a property came on the market that we were interested in, all we had to do was give Kevin a call and he was there to show us the property within hours. We also spent a day with Kevin in which he showed us properties that he thought we would be interested in. I would like to note that we have four small children and they were with us at every showing. Kevin was great with them and had more patience with them than we did. It was on this day, that we found the house we fell in love with and Kevin was on top of putting an offer in for us immediately. The house was a short sale and as complicated as these transactions can be, they made it happen. We worked mostly with Naomi after our initial offer and as great as Kevin was, Naomi was even better (Sorry Kevin but your wife has you beat). Naomi was extremely responsive to any questions or concerns we had. When problems came up during the inspection process, Naomi was on top of it and was able to negotiate the price down beyond what we were expecting. Excellent job! Naomi was extremely organized and made the process, all the way through closing, run very smooth. But their service didn’t stop there. After closing, Kevin called our property management company for the house that we were leasing to see what it would take to break our lease earlier and minimize any penalties. Throughout the homebuying process, Kevin and Naomi fully represented our best interests and we believe that they went above and beyond what most agents would do for their clients. Two thumbs up for the EastBayPro Team of Kevin and Naomi as we would highly recommend!"