GregHarris

gregharris@watsontitle.net

(904)4613220
http://www.watsontitle.net

WatsonTitleServicesofNFL,Inc.|11226SanJoseBlvd.,Suite2|Jacksonville,FL32223

New Closing Rules Top 10

1. The new Closing Disclosure AKA TRID rules apply only to closings involving
a mortgage signed after October 3rd, 2015. Any deal with a mortgage signed
prior to that date will be conducted under the prior rules and will use the 2010 HUD1. When in doubt, ask the
buyers lender. That means that you wont actually see the new rules impact at the closing table until late
November.
2. The process for cash closings are not impacted except that, depending on your settlement service provider, the
new American Land Title Association ALTA Settlement Statement may be used as the document to conduct the
closing as opposed to the 2010 or 2007 HUD1 they used in the past for cash closings.
3. The driving force on when the closing will take place will be the lender.
4. The HUD1 will be replaced by at least three documents; the Buyers Closing Disclosure CD, the Sellers CD,
and the ALTA Settlement Statement.
5. The Buyers CD and its delivery will be done in most cases by and will be the responsibility of the lender, not the
settlement services provider. The settlement services provider will be responsible for the Sellers CD and the ALTA
Settlement Statement.
6. Buyers must have possession of their CD 3days prior the closing, i.e. if closing Thursday, must be in the buyers
hands the Monday prior.
7. Most lenders will utilize the mailbox rule to allow three days for delivery of the CD prior to the 3days
disclosure. That works out to it being in the mail one week prior to closing. That requires 10days prior for all
costs to be in.
8. For planning purposes, the 10days outlined above for delivery of all invoices etc that need to be on the CD to
the settlement services provider should be considered a minimum. Some major lenders are requiring costs to
them 14days prior. That equates to 15days prior to closing for to your settlement services provider.
9. Some changes in the loan product may retrigger the 3day disclosure, but depending on the lenders internal
processes, even minor changes may take days to correct if they come after the must deliver date given by the
lender. These can cause nonwaiverable delays in the closing date.
10. If you have not already, get trained in the details of the new closing process. Our final just in time training
sessions at Watson Realty Corp.s corporate training room are selling out. October 7th sold out in one day, and
the session on the 14th only has 10 seats left. If you cannot receive training in person, you can also get an
overview of the process via a series of training videos at Watson Title Services of N FLs youtube page. Just head
on over to youtube and search for our name, and it will take you right there.