There has been a lot of hype surrounding the change of the settlement documents. As you can read in myprevious blog, a lot of people were predicting worst case scenarios. Now that the change is here, what has actually happened? What as a consumer do we actually need to know?
Here is local mortgage adviser, Chris Carson’s, view on the changes:
“The TILA-RESPA Integrated Disclosure (TRID) is a form of regulation to help simplify mortgage disclosures so the consumer understands them better which will allow them to have a more enjoyable experience during the home buying or refinance loan process. Even though TRID has only been in effect since October 3, 2015, I have closed two loans so far with this new process and have found it not to be as ‘doom and gloom’ as others in the mortgage industry are saying. To the contrary, TRID will help Mortgage Lenders become a better resource of knowledge to their customers in the future. ”
Chris Carson
Integrity Home Mortgage Corporation
Licensed by the Virginia State
Corporation Commission License
#MC-3599,
NMLS# 208516,
NMLS# 459991
MLO#: MLO-11676VA
