So what is TRID?
It is ‘TILA/RESPA Integrated Disclosure’ rule, also known as TRID. Since this rule is designed to help borrowers understand the terms of their home financing transaction, there is a trend to start referring to this rule as the Know Before You Owe rule instead of TRID. The Know Before You Owe rule took effect October 3, 2015. Follow link below to see and print out forms,
http://www.consumerfinance.gov/know-before-you-owe/
What it means for the borrowers?
When the borrower starts first shopping various lenders for a loan they receive a ‘loan estimate’ (they can receive many of these to compare lenders). Once they make a decision and choose the lender they then they will receive a ‘closing disclousure’ 3 days in advance for review. It all the terms are agreeable and no changes need to be made, after the 3rd day docs can be drawn.
A new Closing disclosure has taken the place of the TIL (Truth and Lending) and The HUD (Settlement statement). This new disclosure has everything regarding the borrowers loan. Please refer to attached sample. The borrower is supposed to receive the Closing Disclourse (or Cd as we have named it) within 3 days of the docs being drawn. This is mandatory. There is now no surprises at the signing table. Keep in mind some title and escrow companies still use a HUD-1 in conjunction with the new CD. I have noticed this with purchases.
What this means for the notary signing agent? For us this means less delays in getting the documents and less questions at the table. The borrower is now already aware of the numbers and terms. The signings go much faster.
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You might also like:
Ken’s tips for the closing disclosure
http://blog.123notary.com/?p=17116
The closing disclosure itemized
http://blog.123notary.com/?p=16217
Index of information about documents
http://blog.123notary.com/?p=20258
The 30 point course – a free loan signing course
http://blog.123notary.com/?p=14233
I felt like I was being used (Snapdocs assignment)
Another Notary worked for Snapdocs and had an emotional reaction after the fact. She got one of those low-ball assignments, took it, and then complained she felt like she was being used. If you don’t like working for below market rates, nobody is putting a gun to your head! This new signer was concerned about wear and tear on her car, ink, paper, gas, etc. The bottom line here is that anyone who uses you is using you no matter the price. You sell your services for money. The question is, do you know the value of your time and do you know the itemization of your expenses for various types of jobs?
There is no set value on your time, so you have to create your own value. If you don’t know your value, how will you accept or reject jobs. For newbies, the value of getting work under your belt is much more than the value of your dignity. An inexperienced Notary in my book is not worth much. If you have less than 1000 signings and no certifications, I personally wouldn’t use you for anything. If you have 5000 signings and three certifications, then you become valuable as long as you have a good track record.
SIGNING CO: Would you do this modification for $100?
NOTARY: I will not – I have morals
SIGNING CO: How about $1,000,000?
NOTARY: Well, okay…
SIGNING CO: How about $150
NOTARY: What kind of Notary do you think I am?
SIGNING CO: We’ve already determined that, we’re just haggling over the price.
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Do you compare yourself with others on the 123notary search results
http://blog.123notary.com/?p=18882
What is a high spot on 123notary worth?
http://blog.123notary.com/?p=16720
The state of Notary advertising in 2016
http://blog.123notary.com/?p=16738