Changes to Closing Procedures Approaching

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.

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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!


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About the Author

Changes to Closing Procedures Approaching

Lisa Duke Realty, LLC

I began buying and selling real estate in 1995 for personal investments in Jacksonville, Florida. I enjoyed the business and I obtained a real estate license in 2002 to help others buy and sell homes on a part time basis. My part time efforts quickly grew into a full time real estate consulting business. Lisa Duke Realty, LLC opened in 2012 and in the first two years, our experience and staff have grown and flourished.