Certified Mortgage Planners is focused on helping our clients build a strong financial position through careful management of equity, the proper use of capital, and a dedication to maximizing their rate of return.
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1331 S International Parkway, Ste 2251  Lake Mary, FL 32746 - 407.622.2640 - Company NMLS #210950
TRID Began October 3rd!
Beginning on October 3rd, 2015, the GFE (Good Faith Estimate) and TIL (Truth in Lending disclosure) will be retired and replaced by a Loan Estimate.  Like the GFE, the Loan Estimate also must be provided to the consumer by the lender or mortgage broker within three business days after the consumer’s loan application is submitted. More importantly, like the GFE, beginning on October 3rd, 2015 the HUD-1 will be replaced by the Closing Disclosure.  The Closing Disclosure will be required to be provided to the consumer by the “creditor” no later than three business days prior to the closing date.  If certain significant changes are made to the Closing Disclosure, then a new one must be provided to the consumer and the three day waiting period will reset.  Many real estate industry professionals like Realtors, attorneys, and title companies believe that the three day waiting period requirement will cause significant delays to closings due to lenders’ inability to provide their final loan figures to closing agents in a timely manner; the CFPB believes otherwise. Change is part of our industry, as mortgage and real estate professionals we can be ready for this change by preparing our buyers and requesting 45 day contracts to ensure all loan related tasks can be completed in a timely manner. Understanding that this change is for the benefit of the buyer and seller, we can embrace this change as a positive move toward more informed consumers and smoother closings; something I strive for as a mortgage professional. (source Dirt Law Talk by Andrew Garofalo http://www.dirtlawtalk.com/residential-real- estate/future-gfe-hud-1/