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On October 3rd the new closing process and documents known as Know Before You Owe or “TRID” was implemented. These changes could make it harder for lenders to complete closings on time. But they might also present an opportunity for REALTORS® to add value from a Lenders’ perspective and to cement relationships.
When asked what changes REALTORS® could make to help reduce issues under the new Know Before You Owe (TRID) rules, the most frequently cited change was to council buyers on making all changes to their loan earlier in the process. Second was to urge the borrower to provide all documentation sooner. Factors that REALTORS® have the most control over, pre-closing walk-through inspections and providing the sales contract earlier, were the least useful.
A significant share of consumers chooses their REALTOR® based on lender referral. Marshaling your client through what is expected in this new lending environment could aid lenders and pay dividends down the road.
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