Do you have a TRID plan? That’s a plan for managing the seismic changes that will transform mortgage originations and real estate closings August 1, when the Consumer Financial Protection Bureau’s new mortgage disclosure rules and the integrated disclosure forms they require will take effect.
Lenders are going to be asking if you have the procedures and technologies and know-how you will need to comply with these new rules and operate efficiently in this new environment. WFG wants to be sure that when lenders ask that question, you will be able to say, “I do.”
Knowledge is power, and we have created some potent information for you. We commissioned Richard Horn, a former CFPB official, who co-authored many of the new disclosure rules, to develop two guides for us, both of which are attached to this message and posted separately on the WFGAgent web site. The first, for title agents, explains how the new regulations will affect your business; the second explains the impacts on real estate brokers and agents, many of whom are not prepared for the adjustments they and their homebuyer clients will have to make.
The first guide is for WFG agents to use and share with your staffs, approved attorneys and other vendors who provide settlement services. Many lenders, especially community banks and credit unions, will also benefit from this information. The second guide is for you to share with your real estate clients and contacts, to help them prepare for regulatory changes that will force them and every other entity involved in the home buying and home financing process to change the way they operate.
In addition to these guides, you will also find at WFG National Title other helpful resources and compliance tools we are making available exclusively to WFG agents. Your local manager can provide any additional information and support you need to adjust to this new regulatory structure and to help your real estate clients and contacts adjust to it as well.
The transition to the new rules and the new regulatory environment is a transition we must make together, and it illustrates the principles WFG has embraced from the start: Communicate, collaborate, coexist. That’s not just a slogan. It is your prescription for survival and success going forward.