TRID implementation to begin October 3

On July 21, 2015, a proposed delay in implementation of the TRID Rule became official. The changes all of you have been dreading eagerly awaiting will be implemented on October 3, 2015.

The Standard Forms Committee will be reviewing changes to several forms at a special session to be held next month. Some proposed changes include giving permission for an additional pre-settlement walkthrough and modifying the way “application” is defined in the Standard Agreement of Sale, adding a requirement for the buyer to provide the Closing Disclosure to the buyer’s agent in the Buyer (Tenant) Agency Contract, and including a notice to the buyer about title insurance options on the Buyer’s Estimated Closing Costs Worksheet.

In anticipation of these changes, PAR has been gathering valuable resources for its members. A designated landing page has been created on the PAR website; it is a collection of different materials from the Consumer Financial Protection Bureau, the National Association of Realtors®, and relevant JustListed articles. Here you will find sample forms, timelines, and instructional materials to educate yourselves and your clients. With the delay official, now is the time for both of you to prepare for these changes.