I invite you to attend the 2015 Industry Partners Conference on the new closing rules starting October 3, 2015. Find out from experts how the changes to the AAR Resale Contract, the PQF, the LSU interact with the new Closing Disclosure and Loan Estimate! Do you understand the new chain of events and their timelines necessary to close a residential real estate transaction when a buyer is purchasing with a loan? Register now at https://www.aaronline.com/calendar/view-event/?id=724
Some of the speakers will be the following:
- Jim Sexton President of Arizona Association of REALTORS, DB Realty One
- Scott Drucker General Counsel to the Arizona Association of REALTORS
- Rick Mack Legal Hotline Counsel for Arizona Association of REALTORS
- Mary Frances Coleman attorney and real estate instructor, Realty Executives
- Fletcher Wilcox, 2015 Industry Partners Conference Chair, V.P. Grand Canyon Title
- Sherry Olsen, Desert Schools Federal Credit Union Mortgage Origination Manager
- Chris Mozilo, Divisional Vice President at Caliber Home Loans
- Leslie Banes, First American Title Arizona Resale Escrow Manager
https://youtu.be/_Nsc6vBcutg
Real estate agents will receive three hours of contract law and three hours of legal issues.
This event is a partnership of the Arizona Association of REALTORS, the Arizona Mortgage Lenders Association, and the Arizona State Escrow Association. Members from all three of these industries have been meeting to discuss and present to you what you must know by October 3, 2015.
2015 Industry Partners Conference Preview
Submitted by Fletcher Wilcox, 2015 Industry Partner Conference Chair
On September 16 at the Chaparral Suites in Scottsdale, REALTORS®, mortgage lenders and escrow agents will join forces during the 2015 Industry Partners Conference (IPC).
The IPC is a partnership between the Arizona REALTORS®, Arizona Mortgage Lenders and Arizona State Escrow associations that meet and share different perspectives to gain clarity over new closing process procedures.
By attending this year’s Industry Partners Conference I can say you will end the day with broader knowledge of how to get a transaction closed by understanding the specifics.
Fletcher Wilcox, VP Business Development, CFPB External Operations Expert, Real Estate Analyst, Grand Canyon Title Agency.
Grand Canyon Title Agency is a wholly owned subsidiary of FNF. FNF is ranked #314 on the list of Fortune 500 companies.
This year’s conference topics will include:
- How the new TRID rules change the closing of a residential real estate transaction
October 3 is the mandated start date for new TRID rules and docs from the CFPB; unless you only work with cash buyers, these changes will affect buyers, sellers, real estate agents, loan officers and escrow officers - What your buyers and sellers should know about the new closing process
- How new CFPB Loan Estimate & Closing Disclosure forms interact with the Residential Resale Real Estate Purchase Contract
- Different chain of events that must happen before a transaction can close
- Review revised Residential Purchase Contract, Pre-Qual Form & Loan Status Update
- Learn the new timelines
Click here to register for the 2015 Industry Partners Conference. If you have questions, contact Fletcher Wilcox via email at FWilcox@gcta.com or by calling 602.648.1230.
New AAR Documents Soon To Be Released
In addition to the new TRID rules and documents, REALTORS will soon have a new Residential Resale Real Estate Purchases Contract, a new Pre-qualification Form and a new Loan Status Update. The Arizona Association of REALTORS will be releasing these documents in September. The changes to these documents are in response to the TRID Rules. These new REALTOR documents incorporate lender events real estate agents will now need to know, such as the six pieces of information needed for a loan application, the Loan Estimate and the buyer’s intent to proceed. All of these have contract timelines. If your buyer does not correctly follow these event timelines, they may find themselves served a cure period notice.
How Should I Approach this Change?
There will be difficulties in closing some transactions. But many of these difficulties will come from a negative attitude toward the rules, and not taking the time to learn them and the new contract documents.
The best way to approach the new rules is knowing that the Loan Estimate and the Closing Disclosure will make it easier for a buyer to understand the loan and closing costs associated with the transaction. This is a good thing. And you must learn the specifics of how the new rules work with the new AAR documents. When you know and understand them, you will have confidence when representing a buyer, a seller, and when working with other real estate agents, loan officers and escrow officers.
Your Opportunity to Learn: The Industry Partners Conference
While most of you have attended a TRID seminar, most of you will not have attended a seminar as the one being offered on September 16, 2015.
At the seminar you will learn about chain of events that must happen before a transaction can close. An example of a chain of event is the following: before the appraisal can be ordered the buyer must have acknowledged an intent to proceed with the lender. Before the buyer can acknowledge an intent to proceed with the lender they must have received the Loan Estimate. Before a loan officer can send a Loan Estimate the buyer must have provided the six pieces of information necessary for a loan application. Before the buyer can supply all of the necessary six pieces for a loan application there must be contract acceptance. Each of these events has a timeline associated with it.
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