Well believe it or not, the CFPB is considering a TRID rewrite. We’re not sure we can contain ourselves over here. What are your thoughts on the matter?
CLICK HERE to SEE CFPB LETTER
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Outstanding news!!
My only comment: two wrongs don't make a right. This so reminds me of the aftermath of hurriacane Katrina ~ and to this day, that mess still isn't cleaned up!
Come on man????? Its an election year and everyone HATES the CFPB. They are not being receptive or proactive, they are scrambling.
They were not able to handle a complaint to help my seller when we had all of the documentation needed.
I helped a borrower submit a complaint through CFPB against BofA, where they needlessly declined them, and refused to return their appraisal fee (will not post details here, but I have a redacted summary, if anyone is interested). Within 5 days of submitting the complaint BofA refunded the fee.
I helped a borrower submit a complaint through CFPB against BofA, where they needlessly declined them, and refused to return their appraisal fee (will not post details here, but I have a redacted summary, if anyone is interested). Within 5 days of submitting the complaint BofA refunded the fee.
The CFPB is simply putting lipstick on the pig before election time.
It sounds like they may have recognized their error of implementation, which is promising. As the first rule of improvement is to acknowlede there is a problem then locate to correct. While it sounds good, it is important not to too quickly jump on board to their entreatments. They have had a long record of alarming upsets. They will need to prove their willingness to correct their position on many fronts. Let's see how they fare…
Crystal Clear. Stop forcing the consumer to stare at their CD for three days, unless they chose to do so. Life happens, changes need to be made, the moving van is in the driveway…
It sounds like a whole lot of apologizing for the CFPB. It is like a mass murderer promising only to kill 8 people instead of 10. “We have to give credit where credit is due…It is a step in the right direction”. 🙁
My biggest issue with TRID is the 3 day waiting period after the CD is signed. I’ve asked every customer whether the 3 day waiting period was in any way beneficial for them. Not surprisingly, not ONE of them had said it is beneficial. So maybe reduce it to 24 hours. This would give a majority of folks sufficient time to digest their closing fees. I’ve always made it a standard practice to go over the old Estimated Closing Statement with my borrowers prior to closing, but I guess those who don’t need to forced to do so.