In the wake of the implementation of TILA/RESPA Integrated Disclosures (or TRID) the loan experience has been modified. Many view these mandatory changes as negative, a hassle, more hoops to jump through… but at Axia we see an opportunity to enhance the loan process.
Axia is using these new regulations to prepare buyers for unexpected hurdles by creating a more informative approach throughout the loan process. Consumers are now more protected when making one of the most important financial decisions.
Here is what a home buyer can now expect-
- A loan estimate (LE) provided three days after initial application
- A closing disclosure (CD) given three business days prior to consummation
Why is a three-day waiting period a good thing?
Instead of receiving a contract the day of signing, the home buyer will now receive a CD three business days prior to consummation. The hope is that during the three days between receiving your CD and consummation, all problems and questions are resolved to ensure a quick close. This time also allows the consumer to fully comprehend their upcoming home-buying commitment to ensure they are making a well thought out financial decision.
TRID is your friend. Let Axia utilize these changes to help you become more informed and create a better home buying experience.