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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16 thoughts on “CFPB Corrects TRID Error”

  1. Oops… might have Tried Reading It, Dummies…. woulda, coulda, shoulda… and kudos to the LO that likely pointed it out to them!

  2. Horay. I think. Now, two more things for the CFPB to address (and, again, why can't they create an advisory panel comprised of title and mortgage experts? Maybe listen to the people in the trenches who run into these issues on a daily basis.) Please address the need to redisclose after the closing date changes which thus changes the amount of daily interest being collected. The rate remains the same but if the borrower(s) need to close earlier or later, they shouldn't have to sign redisclosures because of this. Or allow some sort of tolerance. Second, does this new "clarification" address the tolerance for the collection of tax prorations?

  3. Dan Klinger says:

    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.

    1. Tim Brophy says:

      NO before you owe, or KNOW before you owe???

  4. yours are some of the only videos I watch to the end!

  5. consumer financial protection, or oxymoron?!

  6. Kevin Koscinski says:

    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.

  7. John Mafrici says:

    My last and final "Rocket" loan by Wholesale Quicken nearly fell out of the sky like the Hindenberg. I gave them the pink slip. I did keep their accounting software……

  8. marcus90210 says:

    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.

  9. Jump to 5:50 to hear about the CFPB

  10. Susan Rucky says:

    "we have to pass it so we can read it"

  11. Nancy Viejo says:

    Thanks for having me start my day with an absolutely dumfounded look on my face….seriously!

  12. Mark Higgins says:

    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.

  13. Viva la Revolucion says:

    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.

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