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Local Industry Trade Associations form TRID Working Group to Establish Best Practices

Published: March 30, 2015

In response to the upcoming TILA/RESPA Integrated Disclosures (TRID) deadline of August 1, 2015, local real estate industry trade associations began working together in January to establish industry best practices in an effort to avoid negative impacts and time delays for our Colorado consumers.

Almost all residential real estate transactions will be impacted by this rule, as the way the industry conducts business will undoubtedly change.  LTAC (Land Title Association of Colorado) initiated the workgroup meetings, which include representatives from its own association, as well as members of the CMLA, Colorado Association of Realtors (“CAR”), Colorado Association of Mortgage Professionals (“COAMP”) and the American Escrow Association.  Together, these groups have walked through a sample transaction from contract to closing to identify how the consumer (both buyers and sellers) and all of the real estate professionals involved might be affected.  As they have worked through the timelines dictated by the new rule, each group has raised questions and issues impacting their particular role(s) in the transaction and then offered solutions which will hopefully ease the impact on everyone involved in the real estate transaction.

This working group is to be commended for their commitment to the success of the implementation of the new rule.  Colorado consumers and real estate professionals are fortunate to have such dedicated people in their corner.  CMLA is honored to have the following mortgage professionals represent us in this process:  Calvin Ann Evans, CML, Compliance Officer with Universal Lending, Inc.; Dan Wolfe, Compliance Operations Manager and Renee Waltemeyer, Operations Process Manager / Closing with Academy Mortgage Corporation; Kim Woodcock, Operations and Compliance Manager with The Mortgage Company; Todd Pruitt, CML, Branch Manager with Cherry Creek Mortgage Co.; Scott Stuckey with DocuTech; Terry Jones, CMB, CML, Co-Chair of CMLA’s Legal and Regulatory Affairs Committee; and Deb Meogrossi, CML, our CMLA Forums Facilitator.  A special thank you goes to Calvin Ann Evans, to Dan Wolfe and to Renee Waltemeyer for pitching in to create sample Loan Estimates and Closing Disclosures to aid the process.  Thank you all for the extra time you have spent on this important task!