The following post is mostly applicable to real estate agents

Dear Real Estate Partners,

I received an email earlier today from a lender with whom I’ve been working for over ten years. They suggested that we email this important information to our realtor partners, with the link to NAR’s post and video. Here it goes:

Today’s Important Message:

For once. For the first time in recorded History. For the first time EVER.

The NAR is coming out publicly and stating:

”Guys, we really want a longer contract period, seriously. No really.. stop laughing.. can you please add more time to the Contract? Please? “

We advise you to send the following email to your realtor partners:

Dear Realtor,

I know you’re often asking for 15 & 21 day closes. I appreciate that and respect your need to close quickly. We all want to close quickly. As you know 21 days has always been aggressive, but doable, and 30-day closings are best.

However, please be aware:

Times are changing and having a strong relationship with your lending partner is going to become even more important than ever! TBD underwriting with no property address (that we offer) with full credit qualifying will be extremely important going forward.

You will likely never want to or be able to allow a borrower that’s not fully underwritten and approved to present an offer again.

TRID (TILA-RESPA Integrated Disclosures) is coming in August 2015 and your NAR Gov’t affairs department is making the following two recommendations:

1. Get your borrowers loan docs into title 7 days prior to closing
2. Add 15 days (yes. Fifteen days!) to your current closing dates in order to allow for any potential issues through the loan closing. Check out this Video that NAR posted on 2-17-15.

https://www.realtor.org/videos/hud-1-going-away-understand-new-closing-forms-procedures

If you have questions or would like to know more about TRID and its implications on all of our purchase closings, I would be happy to provide more information.

I hope that you found this information helpful

Posted by:  Carlson Mortgage – a St. Louis mortgage broker providing home loans in the state of Missouri.  We can be reached at (314) 329-7314 seven days a week. Let us be your source for some of the lowest mortgage interest rates in St. Louis on conventional, FHA, Veterans (VA), USDA, Jumbo and condominium (condo) financing. We have 11 years of experience providing home loans and mortgage services in St. Louis that are tailored individually to your unique needs and to your financial situation. We speak English, Spanish and Russian. Call us today to inquire about home loan interest rates. to get pre-approved for a purchase or a refinance mortgage, or if you have any general mortgage questions. 

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