Read up on the actual TRID and CFPB changes for Real Estate closings in Nashville covered HERE in part 1.
Here are my takeaways from these changes:
1. Borrowers will have increased opportunity to know exactly how much they’re spending, borrowing and paying back. This is good!
2. The 30-day standard or general closing period could be extended to 45+ days. This is not good.
3. You should be certain you’re working with competent, organized professional people who are well educated in these changes! Do you trust and know your Realtor is on top your deal, is your lender prepared and does she communicate? This can be good… know who’s on your side!
4. The days of part-time agents will begin to fall to the wayside allowing true professionals to do what they do best- help buyers buy homes! This is also good!
5. Back to back closings may not be possible like we had before. The rent- back agreement may be part of our new- normal. This is undecided.
6. Increased document requirements in shorter timeframes could prove increasingly stressful for buyers during an already emotional timeframe. This is not good. Rely on your Realtor and Loan Officer to help mitigate some of this stress. They’re on your side!!
See, TRID and CFPB changes aren’t all gloom and doom. There are definite positives to be taken away from these changes. Do you want to talk more about how to navigate a home sale? Are you ready to buy or sell?
Call me! I’m ready to help you. Jennifer @ (615) 977-8444 or email