Tracking Post TRID Release Issues

10/06/2015
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TRID is off and running and we’re hearing some issues already.  We would love to hear how it’s going for you guys below.

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Comments

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Comments
  • TRID is different than any other regulation. In addition to forms and procedures; service and software providers have to maintain and support two systems. Consider your LOS and Closing Document Provider. Check to see if data still maps and that all the data is porting to the documents provider. Most LOS’s are using different fields in their database to support TRID requirements. This means our providers should be testing to make sure the integration will work like it did in the past. Sure MISMO standards will help minimize these issues but I think we’re in for a rough ride with TRID. Thank goodness for the Grace Period.

    Mark Skinner October 6, 2015 3:58 am Reply
  • I agree the toughest part of TRID is the back end, the details of trying to get a loan done that the lenders must figure out. From a consumer perspective though, the saddest part is when you have to tell a buyer that they must wait six to eight weeks to close now. It’s also unfortunate that once this went live, the CFPB just stole a month to six weeks of production from LO’s and Agents out there since no one can make a 30-day closing anymore. If you calculate that in both the lending and the real estate world throughout the country, that’s a LOT OF LOST COMMISSION!

    Nate Gerard October 6, 2015 5:53 am Reply
    • Perhaps the plan is to slow down the industry while giving the CFPB more ways to fine LOs. Over regulation in various industries is what the Feds have been doing for over a decade now with no end in sight. Are they really protecting the consumers in the end, or just costing everyone involved more time and ultimately more money? Your thoughts on this please.

      Ted November 18, 2015 10:38 pm Reply

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