Where did my HUD-I Settlement Statement go?…The money is there, so why am I waiting 3 days to close on my house?!?!

Hey there folks!

Well, there’s a lot going on in our corner of the real estate world right now. Although fall is usually a time when things slow down enough for us to catch our breath, there are new “rules” that may be keeping some of you pretty busy. Fortunately, I know someone who has these changes all figured out, and she was kind enough to share her knowledge with us! Please enjoy the following article, by Ms. Jenni Jones, from Legacy Mutual Mortgage. — Michael Mayes

Where did my HUD-I Settlement Statement go?…The money is there, so why am I waiting 3 days to close on my house?!?!

These are just two of the questions many homebuyers, sellers, and real estate professionals are asking right now. And, no Chicken Little, the sky is not falling! But…buying or selling a home may just take a few more days…

The mortgage industry is changing again, and this time it’s affecting the day you’re actually closing on your home. These recent developments are a result of the Consumer Financial Protection Bureau’s new TILA/RESPA Integrated Disclosures (TRID) Rule, and it’s taking effect for mortgage applications signed on or after October 3rd, 2015.

Let’s simplify…

  • The existing HUD-1 Settlement Statement and final Truth in Lending Statement will be combined into a single Closing Disclosure form (CD for short)
  • The new Loan Estimate (LE) form replaces the current Good Faith Estimate of Settlement Costs (GFE) and initial Truth in Lending Disclosure (TIL)

The intention of both document changes is to provide a more consolidated document to the consumer—in an attempt to simplify the process. In addition, it is required that the CD be provided to the consumer a minimum of 3 full business days PRIOR to consummation, allowing them ample time to review the terms and fees of the loan.

Good to know…

These changes should be POSITIVE for the consumer IF the correct expectations are set up front!

The Texas Association of Realtors is recommending real estate contracts to have closing dates set a minimum of 45 days from contract execution. As we all know, closings can occur “on or before” the date listed, and there is rarely a situation where both parties won’t agree to close earlier if possible.

Here’s what we can do for you…

All real estate professionals (including realtors, escrow officers, and lenders alike) need to set realistic expectations for the buyers and sellers, allowing both parties sufficient time to meet the deadlines while still creating the smooth buying/selling experience everyone desires.

As with all the new things, there is sure to be a little chaos and a few mishaps at the start, but hopefully there won’t be too many consumers feeling like these changes are of the “end of the world” proportion. Of course, you can save yourself the headache… Working with experienced professionals like Red Team Real Estate and Legacy Mutual Mortgage when buying or selling your next home is the key to a painless process…contact us today, and learn how we can help!

Regional Operations Manager and Loan Originator
Legacy Mutual Mortgage

Being in the same marketplace has awarded me the pleasure of working with Jenni on several occasions. Each time, I have been impressed by her communication with the client, her focus on closing the deal and most importantly, making sure it’s done right. Ms. Jones was the featured speaker at our local association of NARPM last month and she did such a fantastic job of laying out the CFPB’s changes for us. Thanks again Jenni, all of your information was such a big help!

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

Client Spotlight: Legacy Mutual Mortgage

“Michael Mayes and Red Team Property Management are pure professionals! Michael goes out of his way to make sure that he is meeting his clients’ immediate needs, but he also asks questions upfront to make sure he fully understands the ultimate long-term goals of his clients. He is methodical in his approach to doing business and has a great sense of the real estate market and its trends. I couldn’t be happier to have connected in business with Michael. I look forward to a long business relationship with such a high quality real estate professional.”

Jenni Jones

About Legacy Mutual Mortgage

Legacy Mutual Mortgage is a local full-service mortgage company conveniently located minutes from Downtown Fort Worth. With in-house processing, underwriting and closing, Legacy is at the top of their game in the mortgage lending industry. Legacy offers Conventional, FHA, VA, USDA, and Jumbo programs for both purchase and refinance transactions. I have been a licensed loan officer since 2004 and pride myself on “thinking outside the box” to consider all available options and find the best mortgage for my clients. Others say that I am reliable, approachable, and extremely knowledgeable in the industry. Customer Service is my #1 priority!

Jenni Jones
Regional Operations Manager and Loan Originator
MLO NMLS #263547

Legacy Mutual Mortgage
A Gardner Financial Services, Ltd/Crockett National Bank Company
Institution NMLS #278675
1300 S University Dr, Ste 110
Fort Worth, TX 76107

Office: 817-870-2777
Fax: 817-546-1656
legacymutual.com

Client Spotlight: Ronald McDonald House of Ft. Worth

Great organizations deserve to be recognized! Long time relationships that you cherish are to be professed! So…When it comes to longtime relationships, I have been involved with the Ronald McDonald House of Fort Worth for the last decade and have served on the Board of Trustees for the last four years. It is a heartfelt thing for me and I want to tell you about it.

The RMHFW has been in Fort Worth since 1981 and has helped many families. If you go to the their website www.rmhfw.org, and click on the Who We Are tab you will read:

“For families of critically ill children, the Ronald McDonald House of Fort Worth is a place to grab a hot meal and catch a few hours of sleep after an all-night bedside vigil. It’s a place for refuge and solace with comfortable beds, private bathrooms, laundry and dining facilities, and a well-equipped game room. The Ronald McDonald House of Fort Worth provides a home-away-from-home for families, and allows parents and siblings to stay together while remaining close to a child receiving life-saving medical care in area hospitals. Most of all, the Ronald McDonald House of Fort Worth is a place where families can find comfort and compassion from volunteers, staff and other families faced with similar challenges.”

As a complete believer in the mission, it is truly the house that love built, the house where all the families with critically ill children can focus on their child’s needs in a time of emotional upheaval and not worry about the day-to-day stuff that tends to distract and take their time instead of being able to focus on what needs to be done…taking care of the child in need.

But of course this all takes effort. With opportunities to donate (over 90 percent of the funding comes from you and me, corporate donors and foundations) as well as the volunteers, everyone can find some way to help.

The upcoming sold out event which is always a favorite is the Wild Game Dinner. A chance to eat way too much food (and I always do!) and bid on fun things that help the house support the families in need. Even though families staying at RMH are not required to pay anything to be there, we do ask them to donate if they can to pay for the $95/night costs that are incurred. This event is one of two big annual fundraisers.

The big Spring event is Ronald’s Roadhouse. Food yes, but also big time music! The inaugural event this past April was a big hit with everyone and completely sold out. Sponsors are already trying to see how they can be part of this coming May’s next iteration.

No matter the time of year, the house is in need of items from the Wish List that are as simple as toilet paper and paper towels, to sponsoring of the electricity, or simply the cost of one family’s night to stay at the house.

Now, Ronald McDonald is important to me because I am personally involved. But I am a firm believer that those of us who have found success need to give back to the community–our community. Whether it is a Ronald McDonald House near you or some other non-profit that you feel passionate about, please find some way to give back from the fruits of your labors and help someone in need.

By the way, one of the staff members is Mac, the Australian Labradoodle, who is the Director of Love and Comfort! How can it not be a cool organization to be involved with when you have a dog on the team!

Michael Mayes
Red Team Property Management