TRID Tips For Agents

TRID TIPS FOR AGENTS 

Information sellers should be aware of:

1. Seller costs will not delay the closing –get them up front and to closing attorney as soon as possible.

2. Delays could occur if the buyer CD is affected –double check Lender quality with your WRM lo or refer WRM to preapprove buyers for seller’s needs.

3. It makes sense to eliminate risk wherever possible. Therefore, the following suggestions may be worthwhile sharing with sellers:

a. May want to consider conveying the home with a full oil tank, rather a late measure.

b. Hold backs and “side agreements” are no longer allowed. All agreements must be reflected on the CD (Closing Disclosure) and communicated with the lender well in advance.

c. If a seller does work, it should complete work in ample time (3 weeks prior to closing), by a licensed Pro and lender will need paid in full receipt.

d. Seller should be prepared to allow for more than one walk through / inspection if needed.

4. Sellers should start there move as quick as they can and not wait until the last minute.

5. William Raveis mortgage can review any preapproval at anytime for your sellers and we can also be available to pre-approve buyers if the seller wishes.

General information for both sellers and buyers (and you):
1. Closing will not likely take place at the registry. This is due to managing any last minute changes made the CD. Prepare for attorney office closing and our WR office.

2. Try to avoid closings on the last day of the month, early in week is preferred as well or mid- month.

3. Make sure your license number is on purchase and sale. This could delay the CD

4. Going forward, the Admin will complete the commission statement at the time of the P & S and forward it to you. They will also include your license number on this document. Please review for accuracy it and forward to the closing attorney early in the process.

5. Saturday is considered a business day, but closings cannot take place on a Saturday or after hours.

6. Advise the other agent of these changes and be diligent.

Questions to buyers who are not using William Raveis Mortgage, you need to ask:

1. How will the CD be dispersed? (Snail mail , email , etc)?

2. How will you be notified once the CD is sent to the buyer?

3. When will the Title be ordered?

4. Can your “go to” attorney do the closing or does the bank have a closed list?

5. Can the lender make same day changes to the CD?

 

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