Sales meeting regarding the changes made to standard forms because of the implementation of TILA-RESPA Integrated Disclosure (TRID)

1. SALES MEETING
September 22, 2015
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2. Truth-in-Lending Act/Real Estate Settlement
Procedures Act Integrated Disclosure
TRID
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3. Agreement of Sale
 Addition of Company License # and Licensee’s
License # to the 1st page
 Company’s License # is
RB061397C
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4. Agreement of Sale
 Paragraph 8. (F) now states that Buyer needs to pay
for mortgage application and order appraisal
immediately
 Delaying the order of an
appraisal could put the
Buyer at risk of default
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5. Agreement of Sale
 Paragraph 12. (A)2. now gives the Buyer the right to
make two pre-settlement walk-through inspections
 Conducting only one pre-settlement
walk-through the morning of the
settlement could now cause
unnecessary delays if the Closing
Disclosure is changed
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6. Agreement of Sale
 Paragraph 17.(B) has been added and encourages a
discussion between the Buyer and Buyer’s Agent
about title insurance
 Agents should be aware
about the differences between
a Lender’s Policy and an
Owner’s Policy
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7. Agreement of Sale
 Paragraph 30.(A) has been added and instructs the
Buyer to deliver copies of Loan Estimates and
Closing Disclosures to Buyer’s Agent upon receipt
 Agents should be diligent in
obtaining these documents
and reviewing them for
accuracy to avoid delays
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8. Buyer Agency Contract
 Paragraph added to end of documents that instructs
the Buyer to deliver copies of Loan Estimates and
Closing Disclosures to Buyer’s Agent upon receipt
 Agents should explain the
benefits of forwarding
these documents when
received by Buyer
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9. Buyer’s Estimated Costs
 Notice has been inserted into disclosure about the
differences between title policies
 Standard vs. Enhanced
policies
 Owner vs. Lender
policies
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10. Buyer’s Estimated Costs
 The Deposit Money Notice has been removed from
this disclosure and now requires the inclusion of a
separate form
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11. Pre-Settlement Walkthrough
 Form has been revised to reflect that Buyer may
now conduct two walkthroughs
 1st walkthrough to determine if work on the
property has been completed
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 Subscription extended
to October 31, 2015
 Friday training
sessions at 1:00 PM
ZipForms DotLoop
Forms Library Update
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