Industry Leaders Comment on e-Closings
“Someday, There Will Be An App For That, “Banker & Tradesman”
In his May 16th article, reporter Jim Morrison interviewed industry experts – like me – about the demand for e-closings. (See red arrow pointing to highlighted text to read Jim’s quotes from his interview with me.) While many industry leaders look forward to the day we go paperless, those commenting in the article believe we are maybe as much as a decade away from that reality.
Real estate professionals keep the wheels turning
In the home buying process, typically the last hurdle before closing is getting past the mortgage contingency. Buying or selling a home is a high stakes process. Consumer are best protected by working with an experienced team of real estate professionals on their side. But, sometimes, behind the scenes, paperwork can bog things down.
What’s all the fuss about?
Especially since the mortgage crises, “consumer protection” measures are at an all-time high. The most recent set of policies to come through from The Consumer Financial Protection Bureau (CFPB) and it is called TRID a.k.a. Know Before You Owe, (TILA RESPA Integrated Disclosures…Read more at ConsumerFinance.gov). The policy is about keeping the consumer educated and informed with timely disclosure statements. The new guidelines have been in place since last October, and the most difficult thing about them seems to be the new terminology.
“The Know Before You Owe mortgage initiative is designed to empower consumers with the information they need to make informed mortgage choices. It includes the implementation of the TILA-RESPA Integrated Disclosure rule, which is often referred to as “TRID.” We prefer “Know Before You Owe” (and since getting past jargon is a first step, we think you might prefer it too).” ~ConsumerFinance.gov