There's a New 4 Letter Word in Real Estate

TRID changed the loan process on October 1st. Today, we discuss some commonly asked questions about this new law.

What is TRID? TRID replaces the Good Faith Estimate and Settlement Statement. Now, we have a loan estimate earlier in the transaction and a closing disclosure towards the end.

How does the loan estimate compare to the Good Faith Estimate? A loan estimate now is significantly more accurate. Previously, it was more of an educated guess instead of an accurate statement. We’re required to verify information ahead of time now. There isn’t any tolerance for additional lender fees, credit report fees, or attorney fees. A loan estimate provides associated fees such as the interest rate, annual percentage rate, and attorney fee in addition to how much cash the buyer should bring to closing.

What are the new guidelines of TRID? The closing disclosure is better compared to the settlement statement. This document must be presented to the buyer three business days prior to closing. If a buyer doesn’t agree to sign this document, it could lengthen the process. However, every party should be proactive towards the transaction's conditions to avoid last-minute disagreements.

What will sellers no longer know? Now, sellers won’t know the buyer’s interest rate, how much they put down, what kind of loan they get, and similar information unless stated in a contract.

If you have any questions about TRID, please give us a call at (678) 428-5841 or shoot us an email at! We’re always here to help with your real estate needs.

Listen to what Alysia was impressed with while working with us!

Tell me about your experience working with Lorie Gould.
"My husband and I were very pleased with the service of Lorie and her entire team. The follow up was outstanding. We had a long initial meeting. She told us all of the pros and cons about the neighborhood, the market at the time. It was a very scientific approach, and we thought it was very well researched. What she recommended worked.
Our situation with our home is we were in a very nice North Fulton neighborhood in the most desirable school district, and our house had been on the market for quite some time. We had a sloped driveway and if anybody knows anything about North Fulton, you either have a steep front yard or a steep backyard. It's very hilly. Her marketing approach and how she communicated the positives about our house really made a difference. Plus we had it priced correctly.
I think for my husband and I the thing that really sets Lorie apart is that she was able to use very scientific information about the market trends and the competition in our particular price range. It was helpful to us because prior to dealing with Lorie, we felt like what we were getting was just a bunch of opinions. She had a very thorough professional opinion, but she also backed it up with facts. That was helpful for us."