Cropped shot of a woman holding a miniature house

I just had the most delightful listing/selling/closing experience that I have had in a very long time. OK, last month my clients had a fabulous transaction, as well as June, April and January of this year so I best not exaggerate. There is enough of that going around.

The reason many of these transactions have gone so smoothly is that each client has heeded my advice, their lender’s advice, escrow’s advice, their agent’s advice (not Uncle Joe in Utah’s advice or an attorney from the east coast trying to implement their demands for our typical standards of practice).

Not to digress but there are new lending requirements that began October 1, 2015.

A few tips stand out as more important (necessary) than others and now with new lending rules under the acronym TRID, new transaction necessities have come into play. Lenders and escrow companies are now implementing these new required practices and there is definitely a learning curve. Let me share with you what TRID means – briefly yes.

TRID stands for TILA-RESPA Integrated Disclosure. TILA is Truth In Lending Act. More acronyms! Closing statements, documentation and timeframes are changing. Some lenders have already implemented some of these new practices to assist our clients, buyers and sellers through the process. Be aware of who you choose as your lender.