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“TRID” is here! New Loan Disclosure Rules Come into Effect

On October 3, a new set of guidelines relating to residential home loans came into effect. One of the most important aspects of the new rules is that there are now mandatory waiting periods at certain points in the loan process which could cause closing delays.

Because of the potential for delays beyond the control of the buyer, we will be using a new offer addendum which protects the buyer from being at risk financially due to delays with the loan. It’s critical for buyers that their agents protect them properly, otherwise they could lose deposits when an uncooperative seller decides not to allow the buyer more time.

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