New TRID Rules Cause Delays — But Not for Key Mortgage Clients - Baird & Warner
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New TRID Rules Cause Delays — But Not for Key Mortgage Clients

The first spring season in the post-TRID real estate industry has experienced quite a few bumps in the road — in fact, a recent survey reported that closings are being delayed an average of eight days and many lenders are eliminating mortgage products to better err on the side of caution. Key Mortgage Services, however, has adopted new policies and technologies to keep transactions moving towards a timely and seamless closing.

“We made sure that each and every Key Mortgage employee and loan officer was prepared when TRID went into effect so that we could continue to offer the superior customer service we’re known for providing,” said Steve DiMarco, president of Key Mortgage Services. “Our valued real estate partners choose to work with us because we bring unmatched lending and hyperlocal expertise to their transaction team. We know how to get your deal closed with the best financing possible.”

Mortgage companies across the country are currently averaging 50 days to close on a home, but Key Mortgage’s average is 36 days. Here are a few ways the company continues to outperform the competition.

Common Sense Approach

TRID regulations state that a buyer may request up to one day to review changes. While many in the lending community have taken that to mean “one day” is required for each change, Key Mortgage will waive the one-day review period if the change doesn’t affect the buyer’s side or if it’s to the buyer’s advantage. The buyer may still request a review period, but Key Mortgage will serve as the adviser to avoid any closing delays.

Stay in the Know

Prior to TRID, a transaction’s HUD was sent to all parties associated with the deal — loan officers, broker associates, etc. Now, consumers receive the closing disclosure with the expectation that they will be the ones to share it with their transaction team in a timely manner.

However, transaction teams using the exclusive Key Mortgage Loan Tracker app will receive real-time loan status updates and notifications through their mobile device. As the loan moves through the timeline, the team will be notified of due dates and milestone events, including when the buyer receives the closing disclosure.

Ensure Solid Preapprovals

“Some lenders don’t allow their loan officers to collect verifying documents prior to writing a preapproval letter,” said Esther Phillips, senior vice president of Key Mortgage Services. “Which means these loan officers will need to rely on information the borrower willingly volunteers in order to avoid triggering TRID’s three-day window for delivering initial disclosures. We do not take this approach. Our preapproval letters tell you exactly what type of review was done and whether or not your loan officer has reviewed the documentation provided by prospective buyers. We want to remain as transparent as possible so that you are confident in a potential buyer’s financing capabilities.”

For more information about how Key Mortgage can keep your transaction moving forward in a post-TRID world, contact a loan officer today.


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