TRID will end 30 day closings for non-cash investors

[Teresa F.]

I attended a TRID training this week. TRID is the new process that mortgage brokers/bankers have to use that will replace the HUD-1 (for non-cash buyers) effective October 1. During the presentation, the lenders said that because of the new timelines 30 day closings will be a thing of the past. They also asked that real estate agents take a very active role in having their clients stay "on top" of the process and have clients call the lender or e-mail to acknowledge receipt of loan documents etc. I know that some folks buy using hard money and want their flips to close ASAP. Just an FYI.