Update: This version of the story includes information on the TRID rollout from North State Mortgage.

An impending change in the residential mortgage process is raising questions among real estate agents.

In less than two weeks, the TRID (Truth in Lending Act- RESPA Integrated Disclosure) rule will be implemented by the federal government, and that will add a new wrinkle to the home-buying process.

Pat Polson, senior vice president and Central Division manager for SunTrust Mortgage, wants to reassure buyers, lenders and brokers about the process change. Polson came from the Raleigh area Monday to talk to about 50 members of the Brunswick County Association of Realtors (BCAR) about what to expect when TRID goes into effect Oct. 3.

“In a nutshell, TRID takes the disclosures consumers receive from lenders – the Truth in Lending disclosure and the RESPA (Real Estate Settlement Procedures Act) disclosure and combines them into new disclosures,” he said Monday afternoon.

Polson believes the TRID, which comes from the federal Consumer  Financial Protection Bureau as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is more consumer friendly and transparent than the document it replaces, the HUD 1 Settlement Statement. And, unlike the HUD-1, which a home buyer receives at the closing table, the TRID Closing Disclosure must be delivered to the buyer at least three days before closing, he said.

SunTrust Mortgage has spent 18 months preparing for the change, and about eight months training its employees, Polson said. He likes TRID's new Closing Disclosure because, while it contains many elements of the HUD-1 document, it provides more explanation to the buyer and thus it "empowers them to make a more informed decision," he said.

While some lenders have expressed concern about a provision of the TRID which requires that if there are corrections needed to the Closing Document, it can trigger another three-day review process, delaying the closing. Polson said that there are only three conditions that require another three-day review: 1) if the APR increases by more than .125 percent; 2) if a prepayment penalty is added to the loan conditions after the loan is committed; and 3) if the loan term - fixed versus adjustable, or the number of years - is changed.

BCAR invited Polson to speak at a Lunch and Learn because some members had voiced concern about the advent of the new disclosure process, said Dawn Anderson, BCAR's director of education and member services specialist. Polson said he has made similar presentations in other cities within his region, which is composed of North and South Carolina and Tennessee.

After reviewing evaluations from the TRID presentation, Anderson said in an email Monday afternoon that attendees responded positively.

"The evaluations asked, 'Do you feel your job performance will improve due to this Lunch and Learn?'" Anderson said. "All 30 who completed the evaluations answered 'yes.'"

Asked what his company is telling real estate agents and borrowers about TRID, Wilmington-based North State Bank Mortgage loan officer Bill Jones quoted Monday from North State Bank Mortgage's presentation on TRID. The presentation stated that most of the time, lenders will be completing the Closing Document, so "coordination with Attorney and Realtor will be key to ensure accuracy of all costs."

The presentation also noted that planning ahead to allow plenty of time in the closing process - especially in the early days of TRID - can help prevent contract extensions.

"NAR [National Association of Realtors] is advising agents to add two weeks to the contract-to-closing timeframe, at least initially, to allow for the new Closing Disclosure delivery rules as well as other potential delays in the early days of implementation," the presentation stated.