TRID buyback risk

Why Lender CDs Take Precedence Over Title Company CDs

The Broker Life

TRID has altered the settlement agent’s role with their lender:

“To put it simply, in the pre-TRID world, the settlement agent was responsible for ensuring accuracy because their settlement statement disclosed the final figures the borrower would ultimately sign off on. Now, it is the lender’s responsibility to disclose accurate settlement figures that the borrower will sign off on.”

To ensure mortgages close seamlessly, it is especially important that settlement agents know the borrower is closing on the lender’s Closing Disclosure. They need to work with the lender to confirm figures and fees before the file can accurately close—simplifying the process for the consumer and everyone else involved. By doing this at the beginning of the process, the back and forth between settlement agents and lenders can be kept to a minimum—setting up the loan for success.

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