This new law called TRID (Truth in Lending REPSA integrated Disclosure) means every loan will take 45 days.
If you have a good team together and all information is circulated you can still have a smooth closing. Where will it slow down: contacts, addendums, and other paperwork not submitted quickly; fees from escrow not given quickly; changes in terms are not shared between realtors, escrow and lender… The sloppiness of the past just will no longer fly if you want to close in 30 days. This is why I urge my clients to pick a full-time professional real estate agent to represent them. This is why we prefer that the agents choose the escrow company which has a plan to communicate quickly. I spoke to one escrow this week who had not even heard of TRID.
I love this new form because it eliminates the Truth in Lending form, the GFE, and other forms that were just confusing, making the language clearer to the consumer. Most importantly, things I have done for years trying to get everyone on the same page are now in a form that requires everyone to act quickly instead of “hiding” fees or laying them on us at the last minute.