90% of TRID Deals Fail Compliance Test

12/16/2015
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Well we’re just getting started, but out of the gate 90% of post TRID deals are out of compliance.

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23 thoughts on “90% of TRID Deals Fail Compliance Test”

  1. Kristina says:

    Or… lenders can do a better job with there TRID loans.

    These are my experiences as an agent:

    One lender says he sends of his CD to clients the same day it goes to final underwriting and hopes there are no major changes.

    Another lender says he’s found a way to skirt the system by not putting on the estimated appraisal and triggering the 3 day rule for LEs. For what ever reason he doesn’t trigger it until later.

    And lastly another lender who sends out the CD 7 days before closing as a rule, and again hopes nothing changes in underwiting that triggers a 3 day wait later.

    These are no hyphens. It’s lenders trying to beat the system. If they are doing these things and telling me, the agent, just imagine the other things that might be going on with these loans we don’t know about.

  2. Kristina says:

    TRID

    COMMENTS

    Or… lenders can do a better job with their TRID loans.

    These are my experiences as an agent:

    One lender says he sends of his CD to clients the same day it goes to final underwriting and hopes there are no major changes.

    Another lender says he’s found a way to skirt the system by not putting on the estimated appraisal and triggering the 3 day rule for LEs. For what ever reason he doesn’t trigger it until later.

    And lastly another lender who sends out the CD 7 days before closing as a rule, and again hopes nothing changes in underwiting that triggers a 3 day wait later.

    These are no hyphens. It’s lenders trying to beat the system. If they are doing these things and telling me, the agent, just imagine the other things that might be going on with these loans we don’t know about.

  3. Jerome Thomas says:

    Love the cat.

    1. ABLE Ronny says:

      I loved the cat, too!
      I haven’t yet had the “pleasure” of closing a TRID loan, yet, but I DO know all the lenders available to me have a different point of view. A lot of them are also very concerned about the verity of their assessment of how it SHOULD be done.
      The CFPB is a rogue. Congress needs to clean their house and force them to provide the clarity of process to keep this industry intact.

  4. Patricia Laforte says:

    I love your cats. LOL

  5. Joseph P says:

    Maybe, just maybe, they should talk to Fannie and get some help with TRID. They have some experience with forcing compliance, they’ve done it with the appraisers……something like a Uniform Trid Data Set (UTD)that won’t let you submit something with an improperly formatted entry. With an additional 5 page UTD addendum that must be included to explain what all those entries mean. And, while we’re at it, make them use TRID Management Companies, who, for a small fee of say…1/2 the LO compensation….. will be happy to misinterpret the UTD, reject your TRID and send it back for “corrections”….. multiple times over a couple of weeks or so. Oh, and you’ve got 4 hours to submit these “corrections”. Sounds reasonable to me……..

  6. Eric Kinneman says:

    Let’s face it, without getting political, anyone that has a pulse and base common sense of this industry knows that the CFPD will not be tamed under this administration and certainly will not be tamed under a Democratic Party Elect. It is as simple as that. The only way the CFPB becomes tamed is if a GOP gets voted in. And that’s just the best chance we got, it’s not a guarantee. Bottom line. No need to venture off into tangents. If we are absolutely true about this one topic right here, you know my statement is about as good as it gets.

  7. KElly says:

    love the cat in the backgroud :) Great information. CFPB has to be stopped!

  8. Aaron says:

    I love the cat games, we need more in our day even thou I am a dog person:)

  9. Justin B says:

    Love your posts. I am a daily watcher. Best part of the video today was at the 4:05 mark when your cat jumped into what appeared to be a worm hole and disappeared into oblivion.

  10. jim courtney says:

    Brian,what did you say.Could not keep my eyes off your xmas tree and CAT.Very entertaining.Thanks Merry Xmas.

  11. John says:

    Its real simple Brian,

    The CFPB only gets money from the fines it collects. This TRIP cluster was designed to leave everyone open for mistakes so the CFPB can come in and say well you made a mistake not enough at this point to shut your doors, however if you want to keep doing business you need to had over some money. This is typical left wing policy

  12. Marc Emrich says:

    Enjoyed today’s rant as almost always, but really loved watching the cats play in the background.

  13. Marc Emrich says:

    Enjoyed today’s rant as I almost always do, but the best part about it was watching the cats play in the background.

  14. John Barker says:

    That’s a 90% White cat?

  15. Jeff Smith says:

    No Dog in the Fight……Use your Cat

  16. Don says:

    Based on the comments, TRID is not the problem – it’s all the ADHD LO’s that could only focus on the cats and Christmas trees … I think I put that hyphen in the wrong place (oops) LOL …

  17. Don says:

    Based on the comments TRID is not the problem – it’s all these ADHD LO’s that focus on cats and Christmas trees … (did I put that hyphen in the wrong place … oops) LOL … good stuff!!!

  18. Leslie De Palo says:

    Brian, LOVED the kittykat in the video. PLEASE let him/her play in the background all the time — so fun. Now as to the CFPB and TRID: Honestly, I think it is too early to determine what the CFPB may, or may not, do with respect to incorrect hyphens, etc. The whole reason we needed a CFPB was runaway greed, an utter lack of integrity AND the concept that somehow more is always better!? IF everyone was completely honest, forthright and cared about others more than their pocketbook, we would not have a CFPB today.

    So far, my TRID experience is that it is a bit more time-consuming and we all (Processor, Lender and me) seem concerned about making any tiny mistake costing us all money. Perhaps this is a good thing?!? My dear Borrowers just want their loan closed and for them it is all still rather complex. I try to explain everything and keep it as simple and clear as possible. Let us hope that the Borrowers are being “helped” by this new employment of TRID…

    1. Matt Brady says:

      What do you do if the CFPB has an utter lack of integrity AND there concept is more fines are always better? With no oversight they present a greater risk.

  19. Leah Courant says:

    Great Video as always but I had to watch it 3 times to get the message because I was totally distracted by your cat :-)

  20. Laurel Howard says:

    I hope the cat is paid for their artistic contribution to this blog video. The tree seems a little sparse in branches ( but that is from someone who uses an artificial tree). The political commentary about flooding the elected officials with protests is a smart idea. Do LO have a political lobby like the realtors, bankers, and lawyer?
    Merry Christmas

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