The CFPB has opened up their comments section for their attempted revisions of TRID and they want your comments.
CLICK HERE to give them your comments.
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The new Closing Disclosure forms are very confusing to buyers and sellers. The increased costs have placed more burden on lower income buyers. Real estate agents should also be allowed to review the disclosure prior to closing to ensure its accuracy and to help translate for the clients.
As a lender, I don’t think I want a RE Agent to go over it with my clients. I’d rather do it myself because I don’t know the financial literacy of the RE agent. I understand it is their client, but it is also mine and this is my profession. Just like how I don’t want the RE Agent talking about rates and loan programs to my borrowers. They don’t know what is best for the borrower, whether they think they do or not.
because we as listing agents and selling agents did not see the Bank’s CD’s early enough. Every Bank CD I have seen has been incorrect or missing items. Our company has been sending authorizations for buyers and sellers for us as agents to see the CD’s when they come out. The change to the new ALTA form deletes designated numbered lines for items be charged or credited. It is particularly bad with short sale negotiations with the banks since they have not transitioned away from the HUD-1’s. It would have been better to just see them use the old HUD-1’s after 41 years in the business I see the change as just another government screw-up