The CFPB Director is going to speak before the House Financial Services Committee tomorrow. He’s going to be grilled by a representative that hasn’t been very favorable to the CFPB, so it should be pretty interesting to watch.
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Brian, can you pick my March Madness brackets for me? I'm clueless…LOL! Just saying that my office is in Hawaii, in a high end resort area. I was just thinking if I win with your choices…you win a trip to Hawaii…make sense!
So, if you come to my office, can you bring the Farrah Fawcett poster for the background?
Can you look into the TRID guideline. Scenario: I have a loan that is ready to close and the lock expires on the closing date. Final CD has been issued.
The buyer buying my buyer’s current home has a delay in financing for 10 days. We go to extend the lock and come to find out we as the lender have to eat any further charges because the Final CD went out.
How do we get these scenarios in front of the CFPB to make Change of Circumstance corrections?
Does the borrower really care that cost's are higher now that they Know before they owe?
Brokers are allowed to make a whopping 2.75% , however we are UNABLE to charge for the cost of the processor that we would have to hire yet a third party processor who doesn't always do as good a job is allowed to be paid. Obviously an attempt by the large banks and the crooks known as OBAMA and Hillary to put the small businessman out. Obviously the brokers are more knowledgeable and have suffered tremendous injustice.
lastly banks controlling the AMC's ( and no one should ever dent this fact) has destroyed values. Good job Barney. Frank. No conflict there that the sponsor owned an AMC!!
Good point. NO
You are right. As a broker I'm moving a lot of paper around and making less money. I couldn't begin to make the maximum allowed because the fees counted include the fees from the lender and title, etc. On small loans unless someone has stellar credit I simply cannot do them.
Do you think the additional cost incurred for post-closing Corrections would be eliminated if the lending industry and Realtors would simply right longer close times in their contracts.
Stop trying to force the documents and the process through a tiny Keyhole and slow the process down so you can walk the documents through a wide open door.
The whole idea behind trid was intended to slow the process down and give the consumer some breathing space and the lender an opportunity to spend more quality time with the borrower to explain each and every document that is now being sent by email and left to the interpretation of the borrower.
I have yet to encounter a borrower who has told me that his loan officer went through every document and explain the Nuance of every one of them. Realtors are almost always the front line of the Q&A discussions that erupted during a transaction. Do you think the loan officer should take some serious quality time and spend an hour or two going over those documents with the borrower?
We as Realtors do this as a routine process at our initial buyer counseling session when we first meet with the buyer to explain to them every single contract document, addendum and disclosure they will be signing.
To the point of additional fees that we are seeing, yes we have seen a slight increase in appraisal cost. However to the question of additional fees that we are seeing, yes we have seen a slight increase in appraisal cost but more a dominant fee is a title surcharge called "rush documents fee" . That is being charged by title companies because lenders are delivering loan documents a day or two before closing or even on the scheduled closing date comma the same day the lender expects the transaction to record and fund.
Lenders continue to refuse to set their target for the day the closing disclosure should reach the title company, so the title company can balance the closing disclosure with the lenders Funding Company, lenders continue to fixate their production schedule on the contract closing date.
Lenders and Realtors alike continue to disregard and totally ignore the time it takes to process a client's closing package and the function of signing the documents and obtaining authorization to record from the lenders funding Department.
Slow the process down and we should be in much better shape
Just my 2 cents folks 🙂
I missed that segment somehow asking about increased costs, so I'm late to the show. But in my world the appraisal fees went up, one lender decided I could not even order an appraisal from their appointed AMC's so I wait days for them to do it and am out of the loop for delivery, and lender fees, yep, UP!
In spite of the TRID change if I had one thing changed it would be the appraisal process. Brokers are at a disadvantage because we are stuck with the awful, cheapest appraisers in the market. A bank can if they choose, and I'm not saying the choose, select the best in the market and have fewer problems. I just lost a deal for an extremely qualified buyer on a HUD REO because the appraiser repeatedly defied the HUD required repairs were correct in spite of many opinions to the contrary (contractor, underwriter, real estate agents, etc). We are forced to use appraisers who would not get a single order if they were not the cheapest.
HOW DO i GET TO MY PICKS FOR MARCH MADNESS?
We had to hire a Compliance Officer at our Compnay to get through all the new TRID requirements so we now add a $100.00 Fee to all loans called a "Compliance Fee"