Sky Falling TRID Coming?

sky falling

Who is afraid of TRID?

Will it delay my closing?

The answer is NO for just about everybody.

When the Know Before You Owe mortgage disclosure rule becomes effective, lenders must

give you the new, easy to read disclosures about your loan three business days before closing.

 Think of it as a lemon law to check and review before the last minute.

This gives you time to review the terms of the deal before you get to the closing table.

Many things can change in the days leading up to closing. Most changes will not require

your lender to give you three more business days to review the new terms before closing.

The new rule allows for ordinary changes that do not alter the basic terms of the deal.

Only THREE changes require a new 3–day review:

1. The APR (annual percentage rate) increases by

1/4 of a percent for adjustable loans.1

A decrease in APR will not require a new 3-day review if it is

based on changes to interest rate or other fees.

2. A prepayment penalty is added, making it expensive to get out of the mortgage to sell or refinance lower.

3. The basic loan product changes,

Such changing from a thirty year fixed rate to adjustable rate 

or say a fixed to an interest only. 

These would be big changes to the loan long term.

1 Lenders have been required to provide a 3-day

review for these changes in APR since 2009.

NO OTHER changes require

a new 3–day review:

There has been much misinformation and mistaken

commentary around this point. Any other changes

in the days leading up to closing do not require a

new 3-day review, although the lender will still have

to provide an updated disclosure.

Sometimes Chicken Little Yelling that the Sky is Falling

requires cool heads, planning, organization and not a

foil chicken helmet

The following situations do not require a new 3-day review:

􀂃 Unexpected discoveries on a walk-through

such as a broken refrigerator or a missing stove,

even if they require seller credits to the buyer if nominal.

􀂃 Most changes to payments made at closing,

including the amount of the real estate Commissions, taxes, 

pro-rations for utilities and amounts paid into escrow impounds.

􀂃 Typos found at the closing table.

Spelling errors, okay that's pretty common sense

Homestyle Renovation Loan

Homestyle Renovation Loan a great mortgage product when you are refinancing or buying a property that you want to improve. Add value to the home, fix up, finance like a construction product

Are You Telegraphing the Wrong Message?

photograph Caroline Gerardo copyright "My children goofing around"

When Gen Kai re-opened after the fire they posted this cheerful welcome back sign. The neighbors had rumored questions about the cause of the destruction. I am not certain the home made banner aided in their recovery. I think Dana Kai is superior sushi. The sushi wars is another story. As long as it is fresh, yum.

I would never run around saying the sky is falling, it is not in my nature to be negative. I might tell you the clouds look particularly full of an unusual number of  full blown asteroids in large shapes and sizes traveling here at a hundred thousand miles per hour.


The tone we use with our children, the greeting to the tired guy at the register, and how we carry ourselves each moment I believe have long term outcomes that we control the universe. Today I witnessed an unusually cranky customer at the bank. She came in the glass door opening it the wrong way forcefully, loud yelling.

"You people have ripped me off long enough!"

The teller kindly inquires, " is there something I can change for you?"

"Change. Change your face."

"Madam I am happy to hear what you need."

The customer goes on with curse words about how the bank bounced her check and caused a roll of problems.

The teller notices, "is this the account statement you are speaking about?"

She points to a statement from another bank, not ours, in the woman's hands. Similar in name, but not the same. The woman comes to realize she has just unloaded on the poor teller and everyone else around - spreading a negative energy that she mistakenly blasted upon others. She does not apologize. She
curses again and storms out.

So it's a kind of extreme example, but she could have gotten so much help from the sweet teller had she started with sugar rather than vinegar. And working in a bank is a sitcom in of it's own new copyright- well yes love and inspiration and new health for all in the T.V. show I will write the treatment... another digression.  First impressions are like this as well, start with your smile and whiten it up and I don't mean with Crest white strips. I refer to having a happy attitude, when you are doing cold calls.

O. K. enough of my valentine love everyone post. xx00