Home lender BB&T announced in August that it will communicate with settlement agents (closing attorneys in South Carolina) through Real EC’s Closing Insight™ once the TRID rules become effective on October 3. The announcement stated that there will be no exceptions to the rule that settlement agents must be registered with Closing Insight™ to close TRID-impacted mortgage loans.*
Registration is required even if the closing attorney’s software company is integrated with Closing Insight™. We understand, however, that RealEC does not require registration for each lender. Once a closing attorney is registered once with Closing Insight™, additional registrations are not required.
As we have heard from other lenders, BB&T stated that beginning Oct. 3, Closing Insight™ will be the only means of communication for completing the Closing Disclosure. E-mail, fax and other delivery methods will no longer be used.
Initially, title orders will continue to be e-mailed from BB&T’s mortgage loan officer to the settlement agent, but BB&T states that it is in the process of changing the title order request process so that it will be communicated through Closing Insight™.
Like other large lenders, BB&T will generate and deliver the borrower’s Closing Disclosure. Settlement agents will generate and deliver Closing Disclosures to sellers and will provide copies to BB&T.
BB&T states that it will monitor TRID-required timeframes and will attempt to begin collaboration with settlement agents ten days prior to scheduled closing dates.
BB&T has established a new settlement agent web page at www.BBT.com/settlementagent for updates and frequently asked questions.
*The memorandum pointed closing agents here for more information about the registration process, and here for the fee structure for Closing Insight™. For further questions, settlement agents were directed to reach out to RealEC by e-mail at ProviderRegistration@RealEC.com or phone at 877.273.2532.
One thought on “BB&T Issues TRID Announcement”
Elizabeth…make sure we are on board with Closing Insight and also see the BB&T FAQs. Thanks!
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