As we move forward into this unknown TRID world, I know I would welcome any info about what you folks are discovering about this TRID stuff. Pooling our experiences should help with the learning curve.
I am especially concerned about the mechanics, sequence, and time deadlines for the preparation of these new closing statements, consistent with the SS lender's own rules and timelines. Who's doing what, when?
Punchline is I do not have a clear handle on how all of this stuff is going to work. Suspect I am not alone.
Bill - The new HUD's are a problem with short sales, or more work anyway. Some lenders, like Bank of America, want to see the older version of the HUD during the approval process, while Nationstar wants the "new" version. I have a file now with both lienholders and we have to supply each with a different version. Ask them what they want.
Thanks for the feedback (and for the heads-up on Nationstar.) It's going to be interesting to see what the fixes will be for the inevitable problems.
For what it’s worth, I’ve been asking SS folks at different lenders about how they are being instructed to handle the new TRID stuff. Almost across the board, they seem to have very limited concern or familiarity with the new rules and forms. Maybe the casual attitude is appropriate, and this TRID rollout is going to go smoothly.
I’m concerned, however, that TRID will create a drag across the real estate transaction process, and will lay yet another bureaucratic grid on the short sale. It all reminds me of when they unveiled Obamacare. I'm getting reports of software and compatibility issues between lenders and title companies (or attorneys) handling the closing, as well as other signs of confusion. Sounds like there may be vendor issues and other conflicts in the data-sharing essential for it all to work.
An issue that particularly concerns me is how certain fees will have to be characterized on the CDF per the TRID rules, yet be approvable by the short sale lender. I don’t want to lose new battles with SS lenders over allowable fees to compensate us for grinding these files through the lenders’ short sale departments. My kids still expect to eat dinner every night.
This website continues to be a great info source. Thanks.
First American title will not issue the "Closing disclosure" unless it is going straight to the lender doing the loan. I called NS on this and they explained that the old HUD is really all they need until closing time. I sent in the old HUD and it was accepted with no issue. I've not had any other lender request it.
I actually just talked to First American Title. The Closing disclosure is lender only.
What I was confused on before is the "settlement statement" is replacing the HUD.
I've been turning in the ALTA Settlement Statement - Seller with good results.