REALTORS How You Can Help

  1. Purchase Contracts – Include ALL pages, additions, addendums, change orders, price additions/concessions
  2. DETERMINE closing agent EARLY in process – PROVIDE ALL contract info to closing agent ASAP
  3. DETERMINE homeowner’s and flood provider EARLY in process
  4. MUST assure a borrower provides ALL lender requested loan documents, forms, and information in a TIMELY manner – Borrower delays WILL DELAY closing date.  At a minimum, borrower should bring the following to loan application:
    1. Most recent 2 years W-2’s
    2. Most recent 2 years federal tax returns
    3. One month’s current pay stubs (60 days preferred)
    4. Copy of driver’s license
    5. 2 years residence history to include landlord contact information
    6. Documentation of any special pay: social security, disability, self-employment, etc.
  5. Encourage borrower/buyer/client to gather items in #4 EARLY in the house hunting phase!
  6. Representing Seller?  Be sure Seller’s attorney does not delay in:
    1. Unreleased liens
    2. Estate issues
    3. Title issues
  7. Encourage 45 day closing dates vs. 30 days.  Educate seller and buyer on TRID RULES!
  8. Order & Coordinate home inspection ASAP!  Appraisal is NOT ordered until receipt of okay home inspection.
  9. Assure repairs, punch list items are done well before closing.  Strongly recommended to add 7 day requirement in PICRA.  Seller must be educated on TRID timelines.
  10. Goal is CD completion 7 to 10 days PRIOR to close date
  11. CLOSING DISCLOSURE MUST BE GIVEN to customer THREE (3) BUSINESS DAYS PRIOR TO consummation (closing) – NO WAIVERS!
  12. Last minute/same day closings are HISTORY.

The Good News?  TRID will require us to be better in our respective areas of the real estate transaction – hopefully a win-win for everyone!

BORROWERS = Active Role in the Process!

 

For additional information and form samples, visit cfpb (Consumer Financial Protection Bureau) at www.consumerfinance.gov

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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