Tuesday, October 6, 2015


Foothills Sentry


Student learns in DA Office


summer program Katherine Meland, born and


OC District Attorney Tony Rackauckas congratulates Katherine Me- land following her weeklong immersion in the criminal justice system.


raised in the City of Orange, was chosen to participate in the Sum- mer Youth Education Conference with the Orange County District Attorney’s Office. Meland, a se- nior at Cornelia Connelly School in Anaheim, is also a member of St. Norbert Church, where she is active in the adult choir and vaca- tion Bible school. The Summer Youth Education Conference (SYEC) is an inten- sive weeklong program held each August that focuses on the crimi- nal justice system. The OCDA accepts up to 30 students from Orange County high schools, aged 15 and older, who are in- terested in pursuing a career in criminal justice, or want to learn about the local law enforcement agencies. This SYEC provides students


with an overview of criminal cases, from the time a crime is re- ported, investigated, to trial and sentencing. Participants interact with professionals in all areas of the criminal justice system, including the district attorney, judges, police officers, prosecu- tors and public defenders. They also visit courts, police depart- ments and training facilities.


Tustin Legacy school plan approved


The City of Tustin and Tustin Orange Elks Lodge 1475 presented check for $1,300 to Milan


Orange Elks Lodge 1475 presented a check for $1,300 to Milan Franklin (left) and Del Hart. The dogs, Guns (with Franklin) and Indy, are Fox Red Labrador Retrievers in training.


Auction funds service dogs


Orange Elks Lodge 1475 member Will Goodman donated a World War II-replica military police bicycle, raffled off on be- half of the Patriotic Service Dog Foundation. Colum McDermott was the lucky winner of the bike that was designed and built by


Chip Foose. The raffle raised $1,300 for the Patriotic Service Dog Founda- tion, a nonprofit organization that provides service dogs to veterans who will benefit from the long- term mental and physical assis- tance the canines deliver.


Unified School District have ap- proved an $85-million plan to build a middle and high school and begin the process of opening Heritage Elementary School for the 2016-17 school year. The Tustin Legacy School Fa-


cilities Project was approved by the TUSD Board of Education at its regular meeting on Aug. 24, and by the Tustin City Council at a special meeting on Aug. 25. The project involves the proposed construction of school facilities to serve the residential development to be constructed within the Leg- acy area. The district has worked with


Interiors • Staging • Design


the city to complete a mitiga- tion agreement to provide for the transfer of a 40-acre site to TUSD and the financing of a grade 6-12 school facility. The TUSD board voted to ini-


tiate a new community facilities district that will provide for the financing of the Legacy school facilities. The vote allows the district to begin planning and de- signing the middle/high school facilities. The agreement calls for the


city to advance $4 million to the district for the initial planning and design work. With that ad- vance, TUSD will open Heritage Elementary School in fall 2016. Once the state gives final approv- al for the design, the city will con- sider advancing additional funds, as needed, to construct all or part of the project. TUSD will select an architect


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and plans to start construction in approximately 24 months, ac- cording to TUSD Chief Financial Officer Tony Soria. Nearly half of the $85 million


will come from city contributions and developer fees. The other half will come from bonds financed through a community facilities or Mello-Roos district for future Tu- stin Legacy homes.


Denis Bilodeau, first vice president of the Orange County Water Dis- trict Board of Directors, testified before a subcommittee of the House Committee on Foreign Affairs on Sept. 16. The hearing focused on water as a security issue, as access to clean water and natural resources could spark conflict in the future. Bilodeau explained OC- WD’s treatment process that transforms sewage into clean water. He noted that the experience and expertise of OCWD has aided countries like Singapore to become more water self-sufficient, and that water technology could be exported to others.


Real Es By Ken McCord


Time to buy more aspirin, TRID is here


Since the Crash of 2008, real


estate transactions have been harder to close due to restrictive lending practices and increased regulations. Now we have a new gift from the government, de- signed to help and protect con- sumers. TRID, for TILA-RESPA Integrated Disclosure, is com- monly considered the “know be- fore you owe” rule. It was created by the Consumer Financial Pro- tection Bureau and integrates the Truth in Lending Act (TILA) and Real Estate Settlement Proce- dures Act (RESPA) disclosures. This massive rule weighs in at nearly 2,000 pages and impacts all businesses that touch resi- dential mortgages including bor- rowers, lenders, appraisers, real estate agents, mortgage brokers, builders, along with sellers of property, to buyers who use con- ventional financing.


Out with the old, in with the new Beginning Oct. 3, the home-


buyer will receive new disclosure forms from lenders explaining the loan estimate and loan closing. The loan estimate form combines the Good Faith Estimate and the Truth in Lending Disclosure into a shorter form that should be easier to understand and explains the mortgage loan’s key features, costs and risks. Under TRID, a lender cannot


impose any fee, except a reason- able fee for obtaining a credit report, until the consumer has re- ceived the loan estimate and has indicated intent to proceed.


Get disclosure forms in on time Lenders must provide the loan estimate form to consumers with- in three business days of receiv- ing their loan application. That means three business days after the consumer provides the lender with his/her name, income, So- cial Security number, property address, property value estimate and the mortgage loan amount sought. The closing disclosure form


must be provided at least three business days before loan con- summation (the time the con-


sumer becomes contractually ob- ligated to the mortgage, which is usually at closing). Any significant changes to the


loan terms (the annual percentage rate becomes inaccurate, the loan product changes, or a prepayment penalty is added) will restart a new three-business-day waiting period. Both the loan estimate and


closing disclosure forms can be delivered in person, by mail or electronically. Penalties for disclosure viola-


tions are stiff, so lenders will not tolerate borrowers late with these documents.


Closings will take longer The timing of TRID’s effective


date (Oct. 3) should be of con- cern to agents and homebuyers. According to the National Asso- ciation of Realtors, if 10 percent of transactions experience clos- ing issues due to TRID, that’s as many as 40,000 transactions a month.


Lenders will be extra careful


and hesitant so as not to be out of compliance with the new rules. This will most likely translate to longer timelines to get a mort- gage, and delayed closing dates. This, in turn, will impact the tight timelines around moving into a home while consumers are also coordinating assets, move-in dates, time off of work, and so on. Some thoughts for OC real es- tate buyers and sellers? The 30-day escrow with con- ventional financing may have gone the way of the dodo bird. Plan on minimum 45-60 day es- crows, especially in the first few months of TRID implementation. Get all negotiations and changes completed early in escrows. Late changes in escrow will cause headaches and delays. Who defi- nitely is a winner with all the new requirements? Cash buyers. Sellers may now consider lower offers with cash vs. financing- -especially if they need to close quickly. Well, that’s it in a nutshell, time


to go to Costco for big bottle of aspirin.


Estate


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