Melody Yip East Bay Realtor “Connecting Heart With Home” email@example.com | melodymyip.com | 510.629.0360 Alain Pinel Realtors | License # 01970144
TRID in Effect
Effective October 3rd, the governing body – Consumer Financial Protection Bureau (CFPB) rolled out a new process called “TRID” (TILA RESPA Integrated Disclosures) which impacts the escrow process. In a nutshell, the purpose of TRID is meant to provide buyers more clarity and transparency around the breakdown of the lending terms and costs. Two new documents introduced to the lending process include “Loan Estimate” later in the process “Closing Disclosure.” While clarity and transparency is a great thing for consumers – rules and regulations require that consumers are given more time to review loan docs — it can add 6+ days to the closing process.
The escrow period which typically took 21-30 days may close longer and possible even 45 days.. Here are a few tips to reducing headaches and get you closing quickly:
Select a lender who is strategic and well informed and has a sense of urgency about deadlines.
Be responsive in submitting paper work to your lender – particularly related to the new forms (Loan Estimate, Closing Disclosures)
Order inspections early on the in escrow process to finalize credits sooner rather than later.
Since late September, Oakland has buzzing with the news about Uber’s purchase of the 1929 Beaux Arts Sears Building (1955 Broadway) now renamed the “Uptown Station” right above the 19th Street Bart station. Uber will be spending $40 million and the next two years renovating this historical building. By 2017, this 380,000 square foot building will have 330,000 square feet in office spaces and 50,000 of retail space and will house 2,000 to 3,000 employees.
As Uber will be moving a significant part of its work force to Oakland – the question on many Oakland residents mind is – what does this mean for Oakland? Oakland’s current workforce in the uptown includes: Kaiser, Clorox and Pandora.
Mayor Libby Schaaf has referenced the news a “gamechanger”. It could mean a boost to Oakland investment including new home construction and new projects. Other tech companies large and small may follow suit. Currently, 20% of Uber employees currently live in Oakland and that number is sure to increase in the coming years. Stay tuned.
Monthly Picks: Just Treats (Forget the Tricks)
Halloween is upon us. To me, the adult version of treats are pastries! See below for my favorite pastries in the East Bay. Note: Other pastries in said shops are not to be missed either!
Not all croissants are equally made – it takes butter- butter and mad skills. This would be the best croissant in the East Bay. It’s got layers and actual substance.
I appreciate a conversation I had with a stranger about leisurely travel. We spoke about finding a home base city that allows you to get comfortable – yet allows you explore attractions in surrounding areas. It was a productive conversation – soon I will be spending a week in Portland this December – getting the perfect mix of bumming around and adventuring all while getting mentally prepared for 2016. Thank you mom for reminding me that calm moments are meant for regrouping. Thank you Eugene and Christina for inspiring me to investigate heart rate training. I will embark on a new style of training with my new best friend the Tom Tom Spark.
Congratulations Ana and Oscar on their new home in Alameda! Congratulations to Nicole and Juan on their Spanish Med in Maxwell Park! I love my clients.
If you or someone you know are looking for a thoughtful, responsive realtor in the East Bay – please do not hesitate to contact me!
T-R-I-D in effect
3 Tips to Avoid Longer Closes Due To TRID
Uber’s Arrival and ETA
How Does Uber’s Move Impact Oakland?