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Compliance Tip: Changing listings to SOLD status under TRID

December 1, 2015  |  by Michelle

SoldAs a result of the new TRID rules, some agents will not get a copy of the new settlement sheets and/or the purchaser has requested that the mortgage information is not to be entered into MRIS.

If you do not have the information for the Loan Type 1st Trust (FHA, Conventional, etc.) and Loan Amount 1st Trust required fields, you may enter Unknown in the Loan Type 1st Trust field and enter 0 in the Loan Amount 1st Trust field so you can change the status of your listing to SOLD in Keystone.

Posted in Blog, Compliance

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4 responses to “Compliance Tip: Changing listings to SOLD status under TRID”

  1. Marcie Shea says:

    How would you NOT know? That information is in the contract. Do we now have a form addressing the mortgage info for the sold status?

  2. Ritu Desai says:

    Marcie, there are times when buyers change the financing or the downpayment. For Example, they plan to put 10% but got a deal with the lender with 5% even though nothing affects the closing/seller or contract it will affect the loan value.

    You can request ALTA from the title company that will provide the loan information. However, the title company should be able to generate one.

  3. Michael Greenberg says:

    Better yet . . . as a listing agent, the contract requires that you receive a written loan commitment within the alloted number of days for financing approval. In that commitment, the lender should state the type of loan and the mortgage loan amount.

  4. Carolyn McCarthy says:

    How do we know if the purchaser has requested the mortgage information not be entered in MRIS?

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