TRID TILA-RESPA Integrated Disclosures. FOR INTERNAL DISTRIBUTION ONLY Please refer to Disclaimer & Legal Notice on the last page.

Transcription

1 TRID 2015 TILA-RESPA Integrated Disclsures FOR INTERNAL DISTRIBUTION ONLY Please refer t Disclaimer & Legal Ntice n the last page.

2 19 DOING BUSINESS WITH THE RIGHT PARTNERS Hw ding business with Trident gives yu the advantage

3 Benefits f the Trident Experience OUR GOAL T ensure that yu and yur client have a seamless experience as the new regulatry requirements g int effect. BENEFITS Appraisals rdered upfrnt. Tax certs rdered even when BHHS desn t have list. N fees cllected frm buyer in advance f clsing. Fees are knwn between TMC & TLT and therefre disclsed accurately upfrnt. Due t affiliated nature f relatinship, zer tlerance fr TLT fees certainty fr the buyer. Additinal services: Yu will be in receipt f CD Buyer receives a call t cnfirm fees prir t clsing. TMC will allw fr edelivery and esign.

4 Trident Mrtgage Dual Track Prcess Cllect/cnfirm data 10 days in advance f clsing. Mail CD r electrnically deliver using DcuSign. STATUS: Clsing Disclsure Clear (CDC) DISCLOSURE TRACK Lan Estimate Initial Lan Estimate Redisclsure Clsing Disclsure LOAN APPROVAL TRACK Settlement Applicatin Opening Underwriting Prcessing Clsing STATUS: Cnditinal Apprval STATUS: Clear T Clse

5 Yur TRID Team At Trident Mrtgage Mrtgage Cnsultant Centralized Disclsure Team Lcal pint f cntact Supprt trubleshting effrts with respect t new disclsures. Escalatin pint fr fee issues r ther service level cncerns. Respnsible fr generatin f the upfrnt disclsures: Initial LE Redisclsed LE Respnsible fr sending the clsing disclsure (r redisclsed CD) t the buyer and the agent.

6 Yur TRID Team At Trident Mrtgage (cn t) Pre-Clser Clsing Disclsure Specialist Clser Prcure infrmatin frm settlement agents & attrneys Validate infrmatin fr the purpse f building the CD: Title Cmmitment Fees Taxes CPL Wire Infrmatin Settlement Ntice Prepares final figures fr clsing disclsure Cnfirms remaining infrmatin frm settlement agents & attrneys: Real estate cmmissin Transfer tax Other Fees (i.e., capital cntributin, HOA) Respnsible fr generating the CD r re-disclsing the CD where necessary. Cntacts buyer as CD is generated t cnfirm receipt and discuss fees. Respnsible fr generatin f legal dcuments (nte, mrtgage, etc.) Wrks with settlement agents t clear at-clsing cnditins prvided at the table. Escalatin pint fr ther clsing issues that arise at the table.

7 Timing Is Everything All TLT Regins Cnsumer Educatin Practive Cmmunicatin E Educatinal pprtunity fr cnsumers: Understanding Enhanced vs. Standard Plicies Owners vs. Lenders Title Plicy Cverage UnderstandingTenancy F Fees accurately disclsed t the Lender at the time f Cmmitment: Title Premium Transfer Tax Tax Figures Recrding Fees

8 Yur Team At Trident Land Transfer NJ Only Pre-Clsing Crdinatr (NEW) Title Prcessr Psitin created t address TRID Lender requirements 10 Day Delivery f CD t Lender Cllabrates with Lender t btain CD apprval PCC is the Bridge between the TP and SO Makes Initial Lender Cntact Primary Lender Cntact until CD Apprval Distributes Lender Cmmitment with Preliminary CD Addresses Cluds n Title Reviews Dcuments Estates, Trusts, POAs and Business Entities

9 Yur Team At Trident Land Transfer PA Only Pre-Clsing Crdinatr Title Prcessr Primary Lender Cntact practive vs. reactive apprach t btaining infrmatin. Makes Initial Lender Cntact t Cnfirm Timing/methd fr data exchange Timing/methd fr CD delivery Hw changes will be applied t CD after cnsumer receives Distributes Title Cmmitment with Preliminary CD Wrks with SC & SO t Finalize Numbers n the CD befre Distributing it t the Lender fr Apprval Distributes Title Cmmitment Reviews Dcuments Estates, Trusts, POA s and Business Entities Addresses Cluds n Title Verify Cnsumer Chices Plicy Type, Tenancy Creates Deeds and Deed Packages Verify seller wire instructin fr prceeds In accrdance with ur cmpany wire plicy Of Special Nte: In DE, paralegal is assigned activities f bth title prcessr and settlement crdinatr. In Lehigh Valley & Philadelphia, the settlement crdinatr handles the activities f bth title prcessr and settlement crdinatr.

10 Yur Team At Trident Land Transfer PA & NJ Settlement Crdinatr Settlement Officer Seller Side: Orders/Obtains Payffs HOA Dues U & O Tax Certs Judgment Payffs Invices Ntice f Settlement t Seller Buyer Side: Cmmunicates with Outside Brker Ordering/btains tax certs Delivery requirements fr all Seller Cnveyancing Gathers & btains apprval fr Seller Cnveyancing Schedules Clsing Ntice f Settlement t Buyer Resurce fr Sales Agents Enhanced vs. Standard Why Owners Cverage is Imprtant Wrks with Settlement SC & PCC Verify and Finalize accurate clsing numbers n CD Prepares Sellers Disclsure Wrks with Lender t Cmplete Clsing Lan Packages Fully Executed by Cnsumer Makes final minr changes t CD and seeks apprval frm lender

11 The Estimate f Clsing Csts PA Only CASH DEALS Settlement Crdinatr prepares Business as usual MORTGAGE FINANCING Lender t prvide final CD t cnsumer. Sme lenders will share with agent and thers will nt. Trident Land Transfer will prvide yu with a Clsing Statement nce CD is apprved by the lender. SELLER ESTIMATES Settlement Crdinatr will btain frm Title Cmpany nce prepared. Estimates f clsing csts in DE, NJ, and Lehigh Valley are prepared by the title cmpany r law firm.

12 Yur TRID Resurce Center Pwered by The Trident Grup 29 Visit us at Educatin Tls fr Understanding TRID Sample Frms Industry Tips Infrmatin Buyer & Seller Handuts A PDF Versin f This Presentatin

13 Avid Cstly Delays Partner f Chice Rely n Trident t ensure clsing delays d nt ccur as a result f this new regulatin. The Trident Grup f cmpanies has been actively wrking t ensure cmpliance with this new regulatin since the summer f We are steps ahead f the industry. Wrking with the Trident Grup means a mre crdinated effrt verall and a seamless experience fr yu and yur clients. We are lcal t the market. Give yurself the peace f mind knwing that ur lcal presence means immediate supprt and immediate respnse time.

14 Let s Make a Deal During this transitin, Trident Mrtgage Cmpany is cmmitted t prviding a superir service experience t yu and yur client. Our Guarantee ~ We guarantee that the initial Clsing Disclsure (CD) will be delivered t the buyer 3 business days prir t the settlement date thus insuring that settlement will nt be delayed as a result f this new requirement. If Trident des nt deliver the CD in time, Trident will prvide a $500 credit t the buyer. Please nte that buyer must be in receipt f a cmmitment (i.e., cnditinal apprval) in rder fr the CD t be generated. The Trident Mrtgage Guarantee will apply t lan applicatins taken as f Octber 3 rd and settling n r befre December 31st, 2015.

15 32 THANK YOU It was ur pleasure t present t yu tday. We lk frward t earning yur business and supprting yu each step f the way. Questins? Please reach ut t us at newdisclsures2015@fxrach.cm

16 33 Disclaimer and Legal Ntice This presentatin is intended slely fr educatinal and entertainment purpses t cntribute t the understanding f the 2013 Integrated Mrtgage Disclsures under the Real Estate Settlement Prcedures Act (Regulatin X) and the Truth In Lending Act (Regulatin Z). This presentatin des nt represent legal advice. This presentatin des nt bind Trident Mrtgage and des nt create any rights, benefits, r defenses, substantive r prcedural, that are enfrceable by any party in any manner. All prcesses and prcedures espused herein are subject t change withut ntice. This presentatin is prperty f Trident Mrtgage Cmpany LP ( Trident Mrtgage ) and is nt intended fr external distributin (i.e. any party nt affiliated with Berkshire Hathaway HmeServices Fx & Rach Realtrs and the Trident Grup). All rights reserved. Any unauthrized distributin r republicatin withut the express written cnsent f Trident Mrtgage is strictly prhibited.