CFPB Corrects TRID Error

02/11/2016
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Well there is kind of a big deal TRID error that the CFPB is fixing.  Hopefully there won’t be any buyback fallout over it!

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Comments
  • Good stuff today! BTW, FYI, a group of us learned that all of the Harvard Grads at CFPB do not like their rules referred to as TRID. Its “no before you owe” not TRID and if you are speaking with anyone at the CFPB you will quickly be reminded “NBYO” not TRID. Aren’t we all just trying to get along? Well calling it what they want us to call it might be a good place to start. I’m out of acronyms so have good day and keep up the good work.

    Dan Klinger February 11, 2016 4:49 am Reply
    • NO before you owe, or KNOW before you owe???

      Tim Brophy February 16, 2016 7:45 am Reply
  • You guys are wrong about the Rocket commercial. It was the ATTITUDE of all the stuff you could buy which WAS one of the issues that lead to the issues that we had.

    Let be clear. Digital mortgages might be appealing but, a ‘filter’ is needed like a loan officer to properly structure application and review the new procedures with customers. Guidance is important, especially if the customer is a first time home buyer. OBTW, Quicken is not approved for any DAP programs.

    Kevin Koscinski February 11, 2016 7:37 am Reply
  • Keven is correct. It was the implication in the commercial that all you have to do is push a button, and you will get a mortgage. Then to muddy the waters, the commercial conflated an easy mortgage with economic benefits of home purchases.

    My personal opinion is that the references in the commercial to the booming economy (a well understood and documented benefit of robust household formation) was a sideswipe by Quicken aimed at the CFPB et al. The not too subtle implication being that the US economy, one third of it anyway, is being hampered by onerous rules and regulations.

    marcus90210 February 11, 2016 8:48 am Reply
  • I am a real estate agent, but I was trying to buy a home to rent for now and move into when I retire in a couple of years. When I applied for the loan all three of my credit scores exceeded 820 and even though it is hard to prove income as an agent, I was able to show enough to qualify for the loan. Since I wanted to rent the home and not commit mortgage fraud, I needed an “investment” loan. Now technically this type of loan is a commercial loan and does not have to be a “qualifying mortgage”. However, it seems every source of money wanted it to be a qualifying mortgage because they were afraid of the CFPB. Also for some reason, They all wanted to charge points instead of giving me a higher rate. Now I am not a mortgage broker so I can’t fully explain this: when you added up all the costs like loan origination fees, the points, etc. The loan exceeded some threshold for a qualifying mortgage because the home was not expensive enough. The deal fell through.
    Now here is where it gets good. I complained to the CFPB about the CFPB, on their website, because their policies really are what kept me from getting the loan. I received an e-mail saying I needed to call them to clarify something. When I called I chose the menu option for mortgage complaints. So I am now speaking with the CFPB “mortgage” complaint person. I ask what info do you need? He looks up the case # and says I need the name and address of the company. I said what company and he says “TRID”. That is right. The mortgage experts who reviewed my complaint and the one who answered my call thought TRID was a company.

    Mark Higgins February 12, 2016 7:51 am Reply
  • The only thing I’m thankful for with regard to the CFPB (and its unconstitutionally appointed director, btw), TRID, HVCC, comp rules, etc. etc. is that it’s helping motivate me to get out of the god forsaken, dead end business before the whole thing collapses under its own weight of over-restriction/regulation, political correctness crap. I am disappointed, frankly, that the entire industry just rolled over and allowed itself to be raped by the cubicle monkeys running the govt. instead of fighting back.

    Viva la Revolucion February 12, 2016 2:34 pm Reply

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