Many of you are aware that October 2015 brought a new development to the real estate lending and closing process known as The New Integrated Disclosures (TRID).  These new Federal guidelines affect most non-cash lender-involved residential closings (there are exceptions such as HELOCS, reverse mortgages, etc.), as well as a variety of other types of transactions, in all 50 states.  Therefore, it’s important that brokers, realtors, investors, and property managers who assist their client in purchasing and disposing of assets become knowledgeable about these changes.

The primary areas of the real estate lending/closing process affected by TRID are (1) the loan estimate, which replaces the initial “Truth-in-Lending Disclosure & Good Faith Estimate” for most mortgage loans, and (2) the Closing Disclosure (“CD”), which replaces the final Truth-Lending-disclosure & HUD-I Settlement Statement for most mortgage loans.

Although only two general areas are affected, TRID rules have caused a great deal of confusion in the real estate industry due to new timing requirements for lenders to communicate disclosures. Therefore, the purpose of this newsletter is to provide some helpful tips to help real estate professionals avoid delays in closing the transaction, lost deals, and contract disputes.


TRID may affect the contract terms that you help negotiate for either the buyer or the seller. For example, a closing date within 30 days of signing a contract would not be realistic under the new requirements.  Consider adding additional days to the desired closing date, as you can always close “early” but getting an extension from an anxious seller can sometimes be an issue. Communicating with the lender and/or the closing agent before setting a closing date could help establish a realistic timeframe for closings under these new rules.  But the basic rule of thumb is that 45 days for a closing date is normally deemed to be reasonable under normal circumstances. 

2. DON’T EXPECT TO BE PRIVY TO ALL DOCUMENTS UNDER TRID.  The CD that is sent to the borrower/buyer generally will not include the seller’s side of the transaction, and vice versa.  In addition, the lender may not allow the closing agent to send a seller or buyer’s agent a copy of the borrower’s CD.  However, as part of our services as a closing agent we will prepare and send you a separate ALTA combined Closing Statement that will enable the parties to see the entire transaction, without violating anyone’s privacy.  In addition, the closing agent is responsible for preparing the seller’s CD and delivering it to the seller prior to closing, or at closing.


In order for mortgage brokers and lenders to meet the three-day delivery requirement for the buyer to approve the CD before a transaction can close, Closing Agents will be required to send information to the lender 10 to 14 days prior to the closing date.  Therefore, at least 10 to 14 days before closing, realtors must provide the closing agent with, (1) commissions, including any administrative, processing or document fees, (2) their Florida license number, email and phone number, as well as their broker’s Florida license number and address, and (3) all costs the realtor knows their buyer will be responsible for paying, other than the loan and title charges.