With TRID in mind, what is the best day/date to get the best service?
Most closings, moves, cable installations, and other home buying-related events occur on Friday. With all the uncertainty surrounding TRID closings, including how lenders are going to react to last minute changes to the Closing Disclosure (CD), wouldn’t you prefer to have CERTAINTY that your buyer’s closing happens without a hitch because there is plenty of loan staff available to deal with last minute fees being added to or changed on the CD?
Many lenders have said that they are going to be using Friday as the day to focus on finalizing the Closing Disclosures that they want to send out on the following Monday. This could mean that the loan staff you want focusing on adding last minute details to your transaction’s CD is way, way down on a bank’s priority list. So you wait, and you wait at the closing table…and then boom, it’s too late for Seller to get to the closing for the home they were going to close on later that day.
Also, many agreements of sale show a “commitment” date of Friday. So from a lender’s perspective, their work flow priority is: 1) sending out the CD, then 2) sending out a loan commitment; and finally 3) responding to closing table request for CD changes.
Finally, the settlement officer who was supposed to start her third closing on Friday is delayed to your closing because the lender is still dithering about whether or not the added fee increases the APR are causing a new three day waiting period. There are no substitute closers available to fill in because it’s Friday, and everyone has been booked for weeks.
To ensure a delightful experience, pick a day early in the week when there will be plenty of time and staff available to deal with the closing table “unknowns” that the early months of easing into the new TRID rules are very likely to bring.