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Video instructions and help with filling out and completing respa settlement statement
This fall how you finance real estate is going to change and it's not clear whether real estate industry professionals like real estate agents burgers lenders and title officers are actually ready I'm Elise Glink here's today's real estate minute I want everybody who's watching this to get ready for tila respa or Tyler RESPA depending on how you pronounce it which may be the acronym to end all acronyms in real estate it stands for the truth-in-lending act / Real Estate Settlement Procedures Act integrated mortgage disclosures see you may also see the acronym tread trid refer to this as well okay so here's the good news is it's not going to affect you yet this past week the government delayed the implementation of the new tyler RESPA change until the first day of october the bad news for many is that once the new law takes effect the changes to the process of getting a mortgage will be significant especially for those real estate professionals who've been working in the residential side of the business for quite some time the first major changes in the paperwork the existing Truth in Lending statement is getting merged somewhat with the existing hud-1 settlement statement and what does this mean for most home buyers or mortgage lender mortgage borrowers closing agents title companies and closing attorneys will now deliver something called a closing disclosure statement to the borrower the closing disclosure statement is a five page form that combines many aspects of the Truth in Lending form and the old hud-1 settlement statement also affectionately known as the respa statement now in addition to the closing disclosure statement that is given to the borrower and not to the seller the buyer in the seller will then sign a settlement statement the new settlement statement has a very different look than the old hud-1 settlement statement and since most buyers and sellers found the old HUD one form to be fairly incomprehensible you'd hope that a redesigned would make it oh just a little more clear where the cash is going to and coming from in the closing unfortunately I'm not sure the new form is going to strike most buyers and sellers as much of an improvement in my view the key to clarity in the closing of real estate transactions lies with a person working with the borrower or buyer at the closing like a real estate attorney there are all kinds of timing issues and things that industry pros are worried may cause lenders to keep pushing back the closing dates as the summer continues you can bet I'm going to have a whole lot more to say on this issue particularly as we get close to the October first deadline that's because anybody who's now going to be closing at the end of September faces a real issue with timing if you get to say September 30th or September 29th and suddenly the lender tells you that.