Good News. TRID Works Great.

05/18/2016
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According to a recent survey it would appear that TRID is working just fine.  So we guess the CFPB doesn’t need to re-write anything.  What do you think?

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Comments
  • WHENEVER possible, which is usually all the time, I attend Loan closings to answer any and all questions that my Borrower(s) may have and to make sure everything is done properly, signing certain documents (1003, etc.) in person, as required by my Broker/Lender. HOWEVER, recently, a rather rude Real Estate Agent informed me that I was not needed, meaning not “wanted” at the loan signing. He made sure the date/time was inappropriate and last minute, even after I told him there were mistakes made by the Title company that had to be changed. He made sure I was not able to be there and changed the signing date numerous times to the confusion and utter outright anger of the Escrow Officer. Further, I had told this infamous Agent that I would need 30 days or so to close the loan. He gave me only 26 days (February 1 to February 26), which included President’s Day and Valentine’s Day holidays AND we had to get IRS business AND personal Tax transcripts on top of it all. The chosen Title company was seemingly inexperienced and made a bunch of mistakes and the final docs had to be tweaked many times over the last few days. In the end, I am sure the Escrow Officer had to RUN to the County Recorder’s office to get the loan recorded on time! Anyway, the loan closed, funded and recorded within the 26 day time frame, but it was a nightmare. This loan was a 95% CLTV Purchase Money loan with a Self Employed Borrower who had an LLC, as well as, he did not file his Tax Return for 2014 because he did not take any income for 2014. This was not a simple loan, yet, gratefully, the Borrower was thrilled and it closed on time. Needless to say, I doubt I will ever work with this Title company or the Realtor again.

    Leslie De Palo May 18, 2016 11:36 am Reply
  • 9 out of 10 buyers don’t read the purchase contract which is only 10 pages. Or the SBSA which is only 12 pages. The answer, as you have suggested, is NOT to make things shorter. I don’t want to go back to a 1 page RPA…

    John W May 20, 2016 2:11 pm Reply

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