How a Moving Company Can Help You Survive TRID

It’s been just over a month since the new TILA-RESPA Integrated Disclosures rule, or TRID rules were put into effect, but what that means for those it affects is still unclear.

TRID paperwork

So what is TRID?

The TRID guidelines require residential real estate transactions to have new loan documentation, including two new forms.

Loan Estimate- Taking the place of the Good Faith Estimate (GFE) and the initial disclosure required under the Truth in Lending Act (TILA) This, three page, form must be provided to the buyers in a timeline similar to the previous GFE

Closing Disclosure- Taking the place of the HUD-1 Settlement Statement and the final TILA forms, the closing disclosure creates some new delivery date requirements.

This document must be issued to the borrower at least 3 days prior to closing. If this does not occur, the closing will be delayed up to 7 days.

Lenders require that the information contained in the closing disclosure (fees, taxes, closing cost, insurance, etc.) be finalized no less than 7-14 days prior to closing in order to give them enough time to generate the new closing disclosure in a timely manner.

Borrowers will have three days after receipt of the Closing Disclosure to review the form and its contents. Starting upon “receipt” of the Closing Disclosure form by the borrower, and unless there is some receipt confirmation of the form, the form is “deemed received” three days after the form is mailed. As a result of this, the review period may be six business days from mailing to loan signing.

Any changes made to the Closing Disclosure after its delivery to the buyer may trigger a new 3 day waiting period or additional disclosure or review periods, which is why accuracy is very important.

Why should you care?

The new TRID regulations are meant to benefit borrowers by simplifying documents and making loan terms more clear, but as lenders and borrowers transition into the new TRID rules, delayed closings are bound to occur.

Prior to the TRID rules, it took approximately 45 days from the loan application submission to the time of closing. Post-TRID regulations impose new waiting periods where lenders must submit disclosure forms to borrowers, and inaccuracies in paperwork by the lender or borrower as well as strict re-submission timelines will lead to delays in closing.

How can you protect your move?

  • To try to avoid any unforeseen issues that could delay the closing, the National Association of Realtors is recommending completing the walk-through seven days prior to the scheduled closing.
  • Make sure the information you provide is accurate and read documents thoroughly. TRID regulations aim to protect the buyer from surprises, so use it to your advantage.
  • Hire professional moving services who can anticipate your needs and expectations. If your move date changes you’ll want to work with someone who can facilitate the need for a schedule change without issue.

Olympia Moving & Storage’s TRID Protection Program

Strict TRID timelines and delays in closings will affect the entire relocation process. Most moving companies don’t have the capacity to handle move date changes, leaving families without a mover.

Olympia Moving & Storage has the manpower and infrastructure to work with you through the transition and delays by offering:

No fees for move date changes– as long as we have available crews we have the flexibility to accommodate unexpected changes that may occur.

$150/night sealed truck storage– Your belongings are important. If you can’t move into your home right away, don’t worry. For just $150 per night per truck, Olympia will hold your belongings on a locked and sealed truck until your new home is available.

Our goal is to be a resource to our clients during their relocation, no matter what TRID throws our way.

Are you ready to get your moving estimate?

Call Olympia Moving & Storage at 800.222.4744 or request an estimate and discover all of the ways that Olympia Moving & Storage can make your relocation easier.

You might also be interested in:

 

Apartment Move in Tips from a Property Management Pro

Whether you’re a parent sending your child off to college or someone moving into their first apartment, moving can be a daunting task; from the apartment hunt to the move. But just because you’ve unpacked the last of the boxes doesn’t mean it’s over, there are still some things to remember and apartment move in tips to take to heart.

It’s important to know that a loved one is safe and settled in their new surroundings, even if they’re just down the street, so we spoke with a Boston property manager and compiled some apartment move in tips.key in door

  • Lock your doors and windows especially those that are easily accessible to unwanted intruders. Windows on the first floor or basement levels should always be locked.
  • Don’t leave valuables where they can be seen from outside your apartment.
  • Know your neighbors and keep an eye out for them and their property.  Don’t let strangers inside the building, this goes for when you are entering/exiting and when people buzz you via the intercom.
  • Packages are typically left in the foyer and subject to being open or stolen, if it’s something important send it requiring a signature.
  • Call 911 to report any suspicious activity in your neighborhood.
  • Poor housekeeping leads to unsanitary conditions, contributing to pest problems. Some new residents have little or no furniture, and thus are inclined to pick up infested items off the street or buying secondhand, bringing in new pests. Should you suspect you have a pest infestation it is important to report it to management right away to prevent the spread if bugs or vermin.

A new city comes with new places to explore and new practices to put into place, so help your loved ones transition safely and informed with our move in tips!

Haven’t moved yet but ready to start planning a move?  Click here to request a free, no obligation moving estimate. 

You might also be interested in:

Will My Homeowners Insurance Cover Moving Damage or Loss?

_KES4753_resizedOne of the most stressful parts of moving is worrying about damage or loss to your items during the relocation. At Olympia Moving & Storage, we want to be sure that you’re confident in the coverage of your belongings in case of loss or damage during the move. That’s why we’re sure to have a discussion with each of our clients about their coverage options before moving day. Often our clients will tell us that they’re all set because their homeowners insurance cover moving damages.

However, we were surprised when some of these same clients came back to us for help with their moving claim – it turned out that their homeowners’s insurance did not cover their belongings the way they thought. In the interest of protecting our clients and guiding them through the many decisions they have to make during their relocation, we decided to reach out to some insurance companies to find out what the real deal is with homeowners’ insurance moving coverage. Here’s what we learned:

ALWAYS call your insurance company to check your coverage

Even if you’re confident that your homeowners’ insurance policy includes moving and storage coverage – that’s not enough. Call a representative at your insurance company to double check exactly what is covered. The insurance may not work in the way that you expect. During the call, be sure to ask these questions:

Will the homeowners insurance cover moving damage, marring, or scratches that happened to my belongings during the move?

You’d be surprised – usually the answer is no! Though there are a few homeowners’ policies that cover routine moving damage, the vast majority do not. Minor damages are common during a relocation, even when you’re moving with professionals. However, you cannot assume that your homeowners’ insurance will repair, replace, or reimburse broken items.

Is your moving coverage for catastrophic damage or loss only?

Many homeowners’s insurance policies that advertise moving and storage coverage do not cover damage to a few of your belongings – what they actually cover is catastrophic damage to your belongings only. In other words, they have you covered on the extremely rare occasion that the truck carrying all your possessions catches on fire or drives into the lake. For any damage or loss less than that, you’re on your own.

Does your insurance company it cover items damaged or lost while in transit?

Here’s another gray area of homeowners’ insurance that we discovered: Some policies will cover damage to belongings while they are in your home. However, they will not cover damage that occurs while the belongings are in the possession of the moving company or in transit. So basically, your belongings are not covered during the move.

What is the deductible if I were to report a moving claim?

This is very important: most of what needs to be repaired or reimbursed after a move is worth only a few hundred dollars – an amount that is much less than the deductible you would be required to pay if you submitted a claim for damage during your move. Be sure to check that the minimum claim you would foresee submitting exceeds the deductible.

How would a moving claim affect my claims history?

As we all know, the more claims you submit to an insurance company, the more you risk a increase in your insurance premium. Make sure you understand how submitting a claim for, say, a scratched dining room table would affect your insurance costs.

Full Value Replacement Valuation – The Peace of Mind Solution

Here’s the good news: even if your homeowners’ insurance doesn’t cover moving loss or damage the way you expect, there is a solution that will! Be sure to ask your moving company about their full value replacement valuation options. All reputable movers will have an option available for purchase that will give you peace of mind.

Olympia Moving & Storage offers full value replacement valuation for both local and interstate moving at any coverage amount you need. If any of your belongings are lost, damaged, scratched, or broken during the move, or if any property damage is caused by the movers, everything will be fully repaired, replaced, or you will be reimbursed for the full value under full value replacement valuation. Additionally, you would be working directly with our claims department for fast and personalized resolution. We know that’s the kind of moving coverage you were looking for! Click here for pricing and more information on our valuation options.

Also check out:

Materials Movers Use to Protect Furniture & Your Home

Materials Movers Use to ProtectThe best defense for a damage-free move is hiring trained professionals, like those at Olympia Moving & Storage. The second best defense is properly protecting your furniture and home.

Our crew always comes equipped with the right materials to protect your property. Just like how you would want to use paper and bubble wrap to pack your fragiles in a box, it’s always a good idea to have your crew “pack” your furniture and home.

Here’s the materials professional movers use to protect your furniture and home:

Roll Up Floor Protection

Whether you’re trying to keep the origin in tip top shape for the new owners or keeping your new home as perfect as it was when you got the keys, we know it’s essential to protect your floors. This protection shields carpets to keep even the whitest carpets clear of dirt. This material rolls on easily and cleans up quickly.

Masonite

Masonite sheets are laid onto hardwood floors to keep them scratch-free from moving furniture, boots, and dollies.

Door Jamb Protection

Cushioning to protect door jambs from scrapes during your move, even when the movers are getting the largest pieces out the door.

Wall Protection

Made of corrugated plastic that will not rip or tear, the crew will often put this on the walls of tight spaces to avoid nicks and bumps on the wall, especially since many clients freshly paint their home!

http://olympiamoving.com/2011/08/17/6-essential-tips-for-packing-fragile-items/

 

Plastic Wrap

The crew will quickly wrap upholstered furniture to keep it clean throughout the move. Wrapping furniture with drawers is also handy for keeping those drawers shut during transit.

Furniture pads

Essential for keeping furniture scratch-free, the crew will wrap the furniture in these padded blankets then secure them with tape.

Item labels

For items going into interstate or into storage, a detailed, numbered inventory will be made. The crew will also put stickers with the corresponding inventory number on the boxes and furniture to keep everything organized and avoid loss. While packing, we also recommend clients use our free, downloadable box labels. These color-coded labels help the crew identify what’s going into each room, expediting the delivery.

More Moving Tips in our Moving Resource Center

Watch our crew use these materials on real moves in these videos!

What Equipment Do Professional Movers Use?

Protecting Your High Value Items

We take care in moving high value itemsOlympia prides itself on our top notch employees. Unfortunately, the nature of the relocation industry is such that accidents happen. Be prepared and make sure you have procured valuation coverage in case of potential loss or damage.

In the interest of properly covering your goods, notify your move coordinator of any pieces of “extraordinary value” (items with a value in excess of $100 per pound). For example, a five pound painting worth $1000, would equate to $200 per pound, and therefore falls into this category. Items of extraordinary value might include currency, jewelry, precious stones or metals, china or crystal, fur, antiques, art, manuscripts or rare documents.

These items need to be listed on a declaration of extraordinary value inventory form (also called a high value inventory form). This form helps ensure that the crew brings the right materials with them on the day of your job; and also that you are fully covered in the event of a claim on one of these articles.

If your high value items are not listed on this inventory form, you run the risk of receiving a lesser value for this item if damage or loss were to occur.

Be sure you pack all your high value and fragile items carefully. Consider hiring professionals to assist you with the packing.

How to Deduct Moving Expenses From Your Taxes

There are a lot of expenses inherent to the relocation process. These expenses are, however, tax deductible in certain scenarios.  You can deduct moving expenses if you are moving for the following reasons:

  • You are a retiree moving from another country
  • You are a member of the army relocating due to military adjustment
  • You are moving in order to start a new job
    • AND you work full time for at least 39 weeks during the first 12 months after your move
    • AND the distance between your new home and old home is at least 50 miles more than the distance between your old house and old job (i.e. if you were to commute from your old house to your new job, it would be 50 miles further than your old commute).

You can claim moving expenses on your taxes if the expenses exceed moving reimbursements from your company.

Here are examples of moving expenses that you can deduct from your taxes:

Talk to a tax consultant about the specifics of deducting these expenses. The forms for deducting these expenses are:

Customer Rights and Responsibilities

As a moving customer, you have certain protected rights and responsibilities.  It’s important to Olympia Moving & Storage that we’re on the same page with you. We want to ensure that every person we move understands the process and feels comfortable with our company.

We encourage you to download and read the handbook below, which was carefully prepared by the Federal Highway Administration (FHWA) and furnished by our Interstate Moving Partner, Wheaton World Wide Moving.

Rights and Responsibilities

 

Your Rights and Responsibilities When You Move Handbook

Still have questions about your rights as a moving company customer? Feel free to contact our team and speak to a moving professional.

6 Essential Tips for Packing Fragile Items

In the absence of budgetary constraints, having professionals pack your fragile items is both easier and preferable from a liability standpoint.  Having said this, if you are going to pack the fragile items yourself, following are some hints that should make this process easier.

1)     Whenever you are packing, make sure that you have a good workspace setup.  Place the box that you are packing on top of another box so that you avoid potential back issues associated with bending at the waist repeatedly.

Packing Fragile Items in Moving Boxes Effectively
Take Extra Time Packing Fragile Items

2)     The vast majority of fragile items can and should be wrapped in plain newsprint.  Do not use regular newspaper for packing, as the ink has a tendency to stain china.  Setup a flat surface and lay the packing paper on top of this space.

3)     Fragile items should be packed in a “Dishpack” or “5.2 cubic foot” box; which is double corrugated and specially designed for breakable items.

4)     Dishpacks should be packed in “tiers”.  Begin by creating a layer of crumpled up paper at the bottom of the box.  Proceed to wrap each piece individually with multiple pieces of paper.  Heavier (and less fragile) items should go on the bottom of the box; constituting the first tier.  Once the first tier is complete, fill in any remaining gaps with paper and create another layer of cushioning.  Continue with this process until the box is completely full.  Stemware and extremely fragile items should be placed on the top of the Dishpack.

5)     Remember that structure and support for a box are provided internally as well as externally.  Make sure that any extra space is filled with paper.  There should be no extra space inside the box.

6)     Make sure to label any fragile boxes with your name, the contents and a vertical arrow pointing upward to indicate that the box should not be loaded on its side.  In addition, the word “fragile” should be displayed prominently on at least two adjacent sides of the box.

There are more packing tips on this page or you can order moving supplies here. Contact Olympia Moving or call 800.222.4744 for a moving estimate.

Packing Preparation Essentials

Proper preparation is essential to a successful move and one of the biggest factors in determining final cost.  This is especially true if you are doing your own packing.  The following tips will help you to be fully prepared on moving day and, by extension, to keep your costs down.

Packing:  Basic moving boxes and supplies are key. The basic rule of thumb is that if it can fit inside a box, it should be in a box.  Loose items are difficult to load into a truck and create unnecessary delays.  If possible, use standard moving boxes as opposed to smaller boxes that may not be structurally sound.

Labeling:  All boxes should be labeled with your name, the room that the items came out of, and a word or two about the contents.  Boxes should be labeled on two adjacent sides plus the top.  This is especially helpful during the delivery process; as it allows you to direct the movers and make sure that boxes are placed in the appropriate place at your new residence.  The more detailed you are with your labeling; the easier it will be for you to locate items during the unpacking process.

Organization:  As boxes are packed they should be stacked against the perimeter of the room.  Do not leave boxes in the middle of the floor; as this is hazardous to the movers.  Ideally you want to organize your space so that the movers have easy access to everything within a given room.  Trucks are loaded in tiers and it adds time if the movers have to re-organize in order to get access to specific pieces.

If you are planning on moving some of the items yourself in a car, focus on items that are not boxed; such as lamp shades.  The movers are very efficient in moving furniture and boxes, but loose items have the potential to cause delays.

For more preparation tips see the Olympia Moving moving resource page with downloadable PDF files to help you with your next move. Contact Olympia Moving or call 800.222.4744 for an moving estimate.

Hiring Packing Services

At Olympia Moving and Storage, we understand that preparation and packing are critical ingredients of a successful move.  To this end, we invest hundreds of hours training our staff on best practices every year.  Whether you require the luxury of a full packing service, or are simply interested in having our team pack some of your fragile items, we are confident that we can address your specific needs.

Full Packing Services

Olympia’s full packing service allows you to focus on the myriad of other details associated with relocating your home.  Our crews work as a team, carefully packing, labeling, disassembling, and preparing each room for moving day.

Partial Packing Services

Partial packing services typically involves Olympia Moving and Storage handling the most fragile items; such as stemware, china and pictures.  We also use this as an opportunity to ensure that your residence is fully prepared so that we can expedite the moving process.

Unpacking Services

There is so much effort and planning that goes into moving, that boxes often are left packed weeks and even months after the move date. Olympia’s unpacking services help you get a jump start on settling into your new home and include box and debris removal.

Benefits of Using Packing and Unpacking Services

Some of the benefits of having Olympia Moving assist you with the packing and unpacking process include:

  • A more efficient (and less costly) relocation based upon the fact that your residence will be fully prepared for the arrival of our moving team.
  • Peace of mind that your belongings will be properly packed and protected.
  • An expedited and consolidated time frame for completion.
  • Minimizing time taken away from work and family.
  • Reducing the stress associated with your move.
  • Ensuring that your boxed items are fully covered from a liability standpoint.
  • Limiting the time in which your household (and lives) are in transition mode.
  • Better organization on the front and back end of the relocation process.

More About Packing and Unpacking Services

For more information about Olympia’s packing services, or to speak with a relocation councilor about your specific needs, please contact Olympia Moving at 800-222-4744 or [email protected].