TRIP (TILA-RESPA Integrated Disclosure Forms)
Buyers and Seller should be aware of the upcoming industry changes that will significantly impact both the timeline and the deadlines of the closing process, regardless of the type of loan or sale.
From October to December, while the industry begins to implement these changes, we may see the closing process take an additional 15 days to close. When you hire our team we will walk everyone involved through this process to keep the closing on track.
Loan applications completed on October 3rd or after will fall under TRIP regulations.
TRIP was scheduled to be implemented on August 1st, however the CFPB (Consumer Financial Protection Bureau) forgot to submit the new regulations to Congress 60 days before the effective date, hence the delay until October 3rd.
To Learn More: http://www.consumerfinance.gov/knowbeforeyouowe/
If you have any questions about this or want to know what this means for you as you prepare to buy or sell your home, we are here to help explain it all!