{"id":5988,"date":"2015-11-29T19:01:40","date_gmt":"2015-11-30T02:01:40","guid":{"rendered":"https:\/\/therealdaily.com\/?p=5988"},"modified":"2015-11-29T19:01:40","modified_gmt":"2015-11-30T02:01:40","slug":"play-your-cards-right-and-the-know-before-you-owe-mortgage-initiative-might-make-you-the-hero","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/real-estate-brokers\/play-your-cards-right-and-the-know-before-you-owe-mortgage-initiative-might-make-you-the-hero\/","title":{"rendered":"Play your cards right and the Know Before You Owe mortgage initiative might make you the hero"},"content":{"rendered":"

In October, the Consumer Financial Protection Bureau implemented their new Know Before You Owe mortgage disclosure, also known as TRID. The mortgage initiative is meant to ensure that homebuyers understand their loan options, shop around for the best mortgage, and circumvent financial surprises in the closing process.<\/p>\n

<\/i> Read also: No-cost houses: What longterm damage could mortgage loopholes cost?<\/a><\/strong><\/div>\n

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The agents’ role in the process<\/h2>\n

The newly released TRID means big changes for lenders, realtors, and consumers alike. While adjusting to these changes, lenders may struggle to complete closings on time. As real estate professionals we play the valuable role of middleman between lenders and consumers. Realtors\u00ae can even improve their own business by excelling in this role, as lender referrals are invaluable for widening their client network. <\/p>\n

Motivating and informing<\/h2>\n

Procedural changes in the TRID mortgage closing disclosure will make it difficult for lenders to stay on top of their work in the upcoming months. By working with buyers and borrowers alike, Realtors\u00ae are uniquely capable of helping lenders stay on top of their paperwork. The most important thing Realtors\u00ae can do is inform and motivate both the borrower and the buyer.<\/p>\n

Agents should council buyers about the new TRID paperwork and encourage them to make changes to their loan early in the closing process. Real estate professionals should also encourage borrowers to provide all documentation sooner.<\/p><\/blockquote>\n

Earlier walk-throughs and contracts<\/h2>\n

Realtors can personally contribute by doing pre-closing walk-through inspections earlier on, and providing the sales contract to lenders early in the process. Although Realtors\u00ae have primary control over when pre-closing walk through inspections and sales contracts get done, these two actions are not nearly as helpful to lenders as ensuring that buyers and borrowers communicate early on in the closing process. <\/p>\n

Improve relationships<\/h2>\n

Many consumers select their Realtor\u00ae based on a referral from their lender. If agents play their cards right, the recent TRID changes could actually improve their relationships with lenders, increase referrals, and improve business overall.<\/p>\n

More work, but better work<\/h2>\n

Not only will Realtors\u00ae look professional when they can walk clients through the new expectations established by TRID, they will also foster healthy working relationships between all involved parties. Although the new rule changes will inevitably require more work from lenders, customers, and agents alike, Realtors\u00ae may be able to capitalize on the situation in the long run. <\/p>\n

#KnowBeforeYouOwe<\/h3>\n","protected":false},"excerpt":{"rendered":"

The Know Before You Owe initiative requires lenders to fully disclose mortgage information to customers. What can an agent do to help out?<\/p>\n","protected":false},"author":337417,"featured_media":5989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[94],"tags":[710,709,523,334],"class_list":["post-5988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-brokers","tag-agents","tag-know-before-you-owe","tag-lenders","tag-mortgage"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2015\/11\/young-realtor.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/5988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337417"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=5988"}],"version-history":[{"count":4,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/5988\/revisions"}],"predecessor-version":[{"id":6000,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/5988\/revisions\/6000"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/5989"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=5988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=5988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=5988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}