Conflicting TRID Reports Surface

12/02/2015
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Well there seems to be some conflict with how TRID is impacting the mortgage and real estate space.  How is it affecting you?

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98 thoughts on “Conflicting TRID Reports Surface”

  1. leo Chomen says:

    Much to do about nothing. It was so blown up that we are being asked to get rid of inspection issues and oil adjustments way ahead of time. When you read the rules it has nothing to do about oil adjustments or inspection issues. If anything, it helps us predict when the closing will actually take place

  2. Waverly says:

    TRID has definitely slowed down the lending process. Title companies we work with are struggling with it because every lender wants the CD prepared differently. The 3 day waiting period at the end is so needless. Borrowers simply want to close.

  3. Wayne Malcomb says:

    TRID has definitely slowed our closings down.
    If it were truly good for the client I would not complain.

    I have a closing this afternoon. After 2 preliminary CDs the
    Borrower still does not have accurate cash to close.

  4. Njeri Clark says:

    TRID is a major obstacle for me already. I almost lost a deal today because my buyer's lender, Navy Federal CU, has added a 10 business day delay to close AFTER getting a CTC from u/w due to TRID. I had to convince my buyer to not walk away.

  5. Cindy says:

    TRID is a major obstacle right now because back to back closings are next to impossible to coordinate if you have different lenders involved on the transactions. I had 3 sales, which 2 were my listings, one that I sold myself, the other listing of mine that another agent sold, and another agent’s listing that I sold, that were all tied together. I timed my contracts at 60 days for my sales, and used 1 lender and title company. Unfortunately, the buyer’s agent for my listing that I didn’t sell, used a different lender and title company and that was the 1st transaction in line. Because of the TRID requirements, that lender said we needed an additional 10 days at the very end. That messed up everyone’s moving trucks, etc. My lender was ready to close with the 3 day required waiting period. Not every lender follows the requirements, and extends them out past the actual required time. Title companies are having a hard time getting things to balance on the HUD with the new requirements, which leads to further delay. Take us back to PRE-TRID! Buyers and sellers are so frustrated even if I we tell them up front that there will be a waiting period after we are clear to close.

  6. We are getting "allowed" 10 day extensions from lenders on almost EVERY transaction. 1) Lenders don't understand that the required 72 hour rule doesn't equate to an automatic 10 day extension. They are simply using it to procrastinate like they always have. 2) Lenders continue to not give a "you know what" about buyers and sellers and feel no remorse about people making major housing adjustments in preparation for a closing (i.e. moving out of the home IS required before closing can take place, or ending a lease to move IN to the new home?) that then gets delayed by lenders wanting this extension. Then we as Realtors have to bear the brunt of their anger to try to keep the transaction alive. I have heard this comment from Buyers / Sellers more than once – "this system is broken".

  7. Elaine Molina says:

    DISASTER! Lenders are not equipped to prepare closing docs & calculations are completely off. Buyers are not interested in the 3 day period provided to review docs, they want to close PERIOD. My client needed to put her things in storage & move in w/ her parents b/c the bank can’t get it together. Locks are expiring & clients have to pay the penalty…Not fair. Buyers ought to have the option to waive the TRID requirement, if they so choose, & PLEASE let’s get the HUD back into the hands of the settlement companies where it belongs. We all have our expertise, preparing closing docs is not 1 for lenders!

  8. Marc Reneau says:

    It’s much too soon to run headlines like this. The issue at hand as I see it is there are thousands of lenders each complying with TRID in their own way. This is due to the CFPB refusing to provide clarification to their own rule. When a lender contacts them, the only response they receive is “go to this section of the regulation”. I’ve actually been to seminars where the CFPB was the speaker and they actually start the presentation with “This is not legal advice. This is for informational purposes only. Consult with your legal counsel for interpretation of the rule”. What’s the point of hosting the seminar if you’re not going to provide usable information? It’s frustrating at best. In the long run this process will make the closing significantly uneventful however it will take 6-12 months before we reach that point. In the meantime, all facets of the process need to understand this is new to everyone. Have patience and openly communicate with each other. Starting with the Realtor, through the Mortgage Rep and ending with the Closing Agent.

    1. Monique says:

      Marc, I couldn’t have said it better myself!

  9. Adam Miller says:

    Trid has not delayed any of my closings and I believe that it is because the company that I work for was well prepared! A lot of my referral partners have been telling me that the larger “too big to fail” banks are having the issues and creating longer closing cycles like Njeri mentioned above. It seems to me that the smaller shops are able to adapt much more efficiently.

  10. Dan Crego says:

    As a lender we now disclosed charges that will not even be applicable in the deal such as subordinate financing reinspection fees ETC. I had a client who asked about all the extra charges on things that are being disclosed. I explained to him about the zero tolerance and how we now overdisclose. he replied. ” so basically what you are saying is this information is not correct”. I told him with the new rules he now has less accurate information. This I feel will lead to lender protecting themselves and just stating additional fees as a cushion. This leads to additional funds to close which will be a problem in itself at times. I have no client that is happy with the over inflated disclosures.

  11. Drew Smith says:

    TRID cost my sellers and their buyers $$$. My first TRID settlement ever and we had to wait for 3 days longer than either the seller or buyer wanted to settle. You people who think TRID is a non-issue are a bunch of lemmins. Who the hell are these people at CFPB to tell our buyers and sellers they can't waive their 'protection'? 3 days of mandatory waiting today a month in a few years – you'll see. Just keep shrugging your shoulders to the grave dug by our own overbearing government my fellow sheepel Americans.

  12. Dallas lender California processor ugh! Clients ready to close on a Friday but because the Trid, docs didn't get to them and back till a Wednesday. Normally we could have closed on Thursday or Friday but NO! That made it delay until the next Tuesday because Monday was a holiday which meant my clients missed not only the weekend to move but also having the additional
    Monday off!!. Of course Processor said well they can close Tuesday but they could not get off work so they had to wait until the following Friday to close and as you can imagine they were not happy about the delay! All because of TRID!

  13. Rick Hogue says:

    We are not seeing as much problem out of mortgage companies as we are the national banks who told us from back in July that they were ahead of the game for TRID to happen.
    I would say it is nuisance rather than a problem and that once the lenders get used to it things SHOULD flow better. Could we see rate extensions become free in the future? Haha

  14. Bob Hester says:

    Are you kidding!! Trid is a major waste of time and money. How many customers are going to read and most of all understand the documents sent to them. I was talking to a customer last night at 9:30 to make sure they viewed the documents so we could close Friday. I am a Loan Orginator, NOT an attorney. Why am I explaining documents that I am not trained on or have the education for. If I wanted to be an attorney, I would have gone to law school. All trid has accomplished is to add additional stress to the process of buying a home. NOTHING, I said NOTHiNG good has come out of this. Our government is so SCREWED up, they are always trying to accommodate the few instead of the majority. Thanks CFPB for making this process more customer friendly.

  15. Adam T Miller says:

    Trid has not delayed any of my closings (3 purchases and 3 refis) and I believe that it is because the company that I work for was well prepared! A lot of my referral partners have been telling me that the larger “too big to fail” banks are having the issues and creating longer closing cycles like the other comments mentioned above. It seems to me that the smaller shops are able to adapt much more efficiently.

    1. Bill Carmichael says:

      Adam, I have had the same experience as you – not happy with the process – but agree smaller shops seem better prepared. I also keep on top of everything to make sure it is going as planned – I am my own closing coordinator – and still sell homes – I just want my clients happy at the end so I hold their hands all the way through – all conversations with buyers have me included.

  16. Diane Ryan Morin says:

    My first closing under TRID and first for Lender and Title Company went incredibly smoothly. Experienced Lender, experienced Title Company, experienced Realtors, first time home buyers thrilled and seller satisfied.

  17. I have extended 6 transactions set to close after 45 days of being under contract for TRID reasons and lender delays! Something is certainly slowing up the system!

  18. Dan says:

    Closed my first TRID 203k 10 business days after TRID went into affect. Have had 6 TRID closings with no delays yet. If you’re having issues, you’re working with the wrong lender. My realtors know they are my priority and their clients will close on time or early even with TRID. #MovementMortgage gets it. Check them out.

  19. Al Coleman says:

    Its a problem…not always, but sometimes….I was pushed to try to close earlier than the PA date…due to the sellers buying a new home and their date got moved up…I was able to close early…but the sellers Loan officer didn’t disclose in time so they had to wait anyway,,,,without Trid…they could have closed on time

  20. As an agent and Broker for 40 yrs, I am not in love with TRID – it is a waste of time – but I also believe the agent should be able to explain the process and what it all means – my agents do as part of thier professional appearance.

  21. John S says:

    TRID isn’t the problem, it’s actually a step in the right direction towards a solution. The regulators actually got it right for once.

    TRID implementation and getting here is and was the problem.

    TRID simply stated is a paradigm shift for the Lender. Instead of prioritizing credit decisions and credit documentation, with Fee tolerance and disclosure a subsequence event.

    Now fee tolerance accountability and disclosing any change in Fees to the Borrower takes priority over the credit decision, conditions and subsequent documentation.

    Three day settlement before the transaction closes… Simply Aligns the credit markets with the debenture and equities markets for settlement. Confirmation, three days to pay.

    LOS disclosure integration and settlement agency compliance and communication is a the real issue.

    Flip the switch on October 3rd while maintaining previous regulation compliance with GFE reform, that’s where the regulators got it way wrong.

    Getting to TRID: Wrong was a five year debacle of GFE reform. Five years later lenders and originators still made mistakes on the GFE.

    Wrong was Lender Paid vs Borrower Paid. Can’t earn on two sides of a transaction… They have he same rules in the Equities Markets. Markups vs Commissions. We didn’t need this designation to change this.

    CFPB is just aligning the markets.

    Like High Priced Loans and QM Broker Comp Reform. Three points Max Comp. Very similar to a Brokered real estate transaction for a Listing Agent Or Buyer Agent Compensation. Alignment

    The comments made in Frank and Gary’s segment about “Closings actually taking less time”, I believe is reference to the CFPB’s TRID definition of the Transactional Closing”, not the industry’s traditional understanding of “consummation of a closing” which was from CTC to borrowers endorsement at the table. Now consummation has a whole other meaning with delivery o the Closing Disclosure (just like receiving your equities confirmation 3 days in advance of the payment being due.)

    If only… This rule was the first settlement reform, we would all have been better off and much further along over the past five years and far past the pain we must all suffer thru once again with reform.

    But it will only get better from here.

    NOW, LETS GET RID OF BORROWER PAID VS LENDER PAID DESIGNATED TRANSACTIONS!!!

    Not being able to reduce a “fixed” originator comp plan on a TRID regulated transaction to Benefit the borrower is ridiculous. It is just as important for the Originator to have the ability to negotiate in good faith to reduce their fees as it is for the borrowers Ability to shop and negotiate the best “deal”.

    Isn’t that very similar to the definition of Safe Harbor?

    (“Lender Comp” conspicuously not disclosed anywhere on the LE…?) was the door left open, I don’t know, but

    The CFPB still has this wrong. Because under the current TRID guidelines, you have to start an entirely new transaction (new loan application) with the borrower to reduce a fixed Compensation… Because this is considered a “proxy”.

    Me, I always thought a “Proxy”… Was an “anti-inflammatory”….

  22. delaying closings All mine are running at least one week behind.

  23. Karyn says:

    What a mess. This is not for the consumers protection at all. The lender’s zero tolerance requirement, while trying to hit a constantly moving target it is unreasonable. It is time to move past the ‘Evil Banker’ stigma and allow us all to provide what the customers deserve-quality customer service

  24. Tim Madden says:

    Bottom line is borrowers are being punished by these new guidelines. We had to do a 15 day extension on a refinance to cover the TRID waiting rules, T-Giving and the “3 day right of rescission” (Someone explain to me WHY THERE STILL A 3 day R of R on Refinance Transactions????)
    Sure sounds like the consumer is being helped……

  25. Cal Haasken says:

    TRID delays might not seem significant to politiicians but it is huge for buyers and sellers. I am a broker with 42 years experience as a broker and 25+ years as owner of a mortgage origination company. I am hoping to close a transaction today (December 2nd) that has been delayed since November 23rd due to TRID regulations. The buyer has all of his furniture and clothes in a truck (and it is freezing in Minnesota) and is living with friends until closing. Nobody won, everyone in the transaction lost including the buyer, seller and lender and title company who went through a lot of extra work for nothing. This is the dumbest lending regulation I have seen in 40+ years.

  26. TRID is a f*#king nightmare and there is absolutely no benefit to the clients but it has definitely affected banks. To try and get the urgency of the client to get things done even faster so banks can have enough time to close is just not happening. I have to disagree with the person below me because I can assure you that the mortgage people are hearing it from clients as well. My solution, call into my radio show on December 16th and speak to Federal Congressman Leonard Lance and tell him your views. Some food for thought, I work in NJ. In NJ, we have gone from 45,000 loan officers to literally 4500. 90% of the LO's have gotten out of the business. In the country, the numbers have gone from 430,000 to 96,000. So if there is so many people looking for jobs, why are they not going into mortgage banking? The answer, since D-F has been implemented, the work load of a loan officer has literally tripled. And now that we are on a fixed income because we are not allowed to charge a higher rate to make any overage, it has cut the pay going to LO's. So tell me one job where someone would not quit if they were told their workload has tripled and their pay has been cut? One other thing to keep in mind, not one single loan officer ever wrote a bad loan….EVER. For a bad loan to be approved, it has to go through an underwriter. 100% of all bad loans written were approved by underwriters but yet they are making more money than ever.

  27. We had a few classes on TRID prior to launch and because of that I added 10-15 days on all my new TRID contracts. I've closed on time! Not all lenders were ready for TRID. Interview them and choose a lending partner prepared for TRID (i.e. Electronic signature system, etc. E-signatures on mandated docs with deadlines and wait times helps a lot.)

  28. Scott Lawson says:

    So far, so good. My very first TRID deal, from submission to funding, was done in 21 days. Some folks know how to work it, and some don’t….It’s always been that way…

  29. First, it is way too soon to start drawing conclusions about TRID, espcially those opinions who state it's not that bad. Sure, the first couple that went through weren't too bad. Why? Because no one was wanting to be to submit files after TRID implementation. So the pipe was empty, relatively speaking. We had mass Loan Officers waiting to submit files for over a month (Refi's), and Realtors purposely holding off Buyers. So now that the levee has broke, we have seen applications and submissions back to normal levels, so give it another 60-90 days, and let's have the TRID conversation then.

    Addtionally, there are still certain lenders proclaiming they can hold true to a 25 day close….LOL….. instead of taking the high road and education all peole correctly and start asking for 45 days. I eman, every single webinar and seminar I had taken advised us of that, and geez, the 45 day Escrows I have, are clsoing early by an average of 10 days. Problem is you still have the snake oil salesmen who want to still pitch that, because of the Realtors who don't want to accept Reality and still do everythnig they can to close a transaction in less than 30 days. If we were to choose to adapt and adopt to the fact we need more time up front instead of setting unrealistic time frames, we would be fine. BUT, there are a few States in this Nation who still think it is ok to close an Escrow in less than 30 days, while you have Judicial States who take 60-120 days on an Esrow, and we have Realtors who will throw your rear end under the bus when you tell them 45 days when they ask you how long do you need.

    If a Loan Officer can't close in 45 days, there is either a problem with the Loan Officer themself, or their Employer. If turn times are 5 days or quicker, and Re-subs are 3 days or quicker, there is no reason that the loan can't close in 45 days.

    I had a Loan Officer who complained to me yesterday becasue it is going to take us 31 calendar days to close the Refinance, with a 3 day right of recission, over Turkey Day……. LOL……. SMH…..

  30. Tom Witzel says:

    TRID has caused the closings to take longer on Monday of this week a $200 mistake by the lender caused the closing to last 3 hours instead of 1 hour, also some of the builders lenders are wanting a HUD and saying they are not accepting a closing disclosure as proof of the sale.

  31. John Barker says:

    Flannel good. TRID not so good, but managable. Back to work.

  32. I have to be honest…I don't know what all the fuss is about. As a lender, I can tell you that if your lender is having trouble with TRID and requiring an "Allowed 10 day extension" then they simply aren't prepared. And guess what, I bet you were having problems closing on time with them before TRID! I don't write this to bost about my company, but we are closing TRID loans in 20-30 days…TOPS. We work WITH our Realtor parnters to close loans on time. We set deadlines for borrowers and educate them from day one on what the next thirty days of their life will look like. How can you blame a late closing on borrowers not sending in docs on time?? If they don't know the importance of every hour, then they simply don't know!! The system is not broken (well maybe a little), TRID is not the monster (although it does suck and is not adding any additional benefit to the consumer)…your lender is what's broken!! It is YOUR job as a Realtor to educate your buyer about the transaction process, as well, and CONVINCE them to, at the very least, talk to your lender who closes in 20-30 days. Until you can do this, you will be stuck working with the same lenders who drag their feet, don't know how to prioritize, don't communicate, and don't close on time. My office lends in Texas, Indiana, and Illinois. We'd be happy to help you out, if you have a need. 817-482-1200.

  33. Jerry A Cook says:

    Navy Fed screwed the buyer on my listing, too. We fired them and went with a real lender.

  34. Lance Owens says:

    So far, not a problem at all. Just closed one with no delays, no issues, I am trying to make this response longer, but I cant :) It all went to smooth.

  35. TRID stinks. I think it should be mandatory for those who create these policies to have to act as a Realtor, a Loan Officer, and an Escrow officer for 90 days in each position. After doing so, if they still think that TRID- with all its' "unintended consequences"- is a good idea, then great! Let's put it into practice. I can tell you now that won't be the case if they actually were required to do that. Congratulations- we've once again found a way to make things more expensive (longer locks, higher escrow fees, etc), more difficult, and time consuming for the people that we claim to be helping with all this TRID garbage.

  36. Darrel Price says:

    As a notary loan signer, I find it harder to explain the TRID statement to the borrowers. The borrowers aren't anymore aware of the costs of their loan than before. The HUD-1 had each item delineated. The TRID groups items and I have to break it down. How can this be beneficial to the borrower who isn't familiar with the process at all?

  37. Luke Landis says:

    We dont have that issue at my company we closed the first TRID loan and we've closed one in 8 days, TRID works well with out system, for us not an issue…

  38. TBTF? What a crock. Yes, the so called too-big-to-fail BANKS did great with the bailout, as has Wall Street. Consumers and the general public – not so much. TBTF should have been allowed to go under, even Freddie and Fannie. Other, more stable banks would have stepped up to fill the void. Yes, there would have been some short-lived pain, but it would have flushed the system of the misallocators of capital, not rewarded them for their shenanigans. Let's get back to free markets, not more-of-the-same cronyism rampant today.

  39. Renee Douglas says:

    I have seen more problems come up because of the lack of consistency from Title Companies not doing the “TRID” math when it comes to calculating the owners title policy. It is more confusing now that ever to try and decipher what the actual cost of the Owners title policy is. I have yet to see the same estimated CD come to me from different title companies. Frustrating!!

  40. Kelly Fontes says:

    lol, the guy from Movement says they closed in 8 days.

  41. Kelly Fontes says:

    lol, the guy from Movement says they closed in 8 days.

  42. Steve Romero says:

    It’s way too early to tell. You’ll start to see stips and issues with the back-end purchases. When the Compliance Departments start dictating policy for the front office, the tail starts wagging the dog.

  43. Luke Landis says:

    Kelly Fontes it did feel free to call our home office

  44. Steve Romero says:

    It’s way too early to tell. You’ll start to see stips and issues with the back-end purchases. When the Compliance Departments start dictating policy for the front office, the tail starts wagging the dog.

  45. As a mortgage broker dealing with various institutions, it is about 50/50. Some get it, others don't. Seems to be about software implementation and training. One of your wholesale advertisers absolutely stinks while the competition is fine. Overall, an aggravation that will pass.

  46. Tere Rice says:

    Closed one last week and no issues except for the Escrow Company. Closed in 30 days!!! Buyers lender needed an extra day but closed it the day before Thanksgiving which was a miracle in itself. The lender was geared up but the Escrow Officer was still stuck in doing everything the last week. Once she came to the party it was pretty smooth. The question to ask is the Lender geared up for TRID???

  47. Shane Milne says:

    Luke Landis Let's go backwards – day 8 the loan signed & funded. That means days 5/6/7 were used for the waiting period after the borrower gets the CD – leaving you 4 days to originate, get an appraisal & title work, and clear all conditions. I assume it was in Iowa and in my experience abstracting takes a considerable time there and then you have the appraisal too. Did the appraisal & abstract/title search only take 3 days? Or was this a loan where the borrower already came to you with title & appraisal completed?

  48. When you have a buyer tell you they are pre-approved with Navy Fed, run don't walk! They are notoriously late with their loan process. Their unlicensed "loan officers" are under trained and under qualified.

  49. We are seeing closings in less than 30 days with TRID. The agents that know the regulations are not having any problems. The agents that have not taking the time to understand TRID are a problem for all of us. Additionally, the clients love the new easy to understand forms.

  50. TRID has been great with my company. I work with a large national lender and we send the CD 7 days prior to clear to close. I have originated 5 TRID deals and all have closed in under 30 days with my buyer viewing the costs prior to CTC and closing – happy in Florida

  51. Rich says:

    TRID for us has been a mixed bag. While we have yet to miss a close date because of the TRID rules, it has cost us significantly….which ultimately will be passed off to the consumer. Another unintended consequence. I will say that the transition has been very stressful on staff because there is still different interpretations on some things.

  52. Luke Landis says:

    Shane Milne it was not in iowa and we do the CD while the file is still in processing with our preclose department and the settlement agent, we just send them a link to a website where they fill out the info and then we are able to disclose the CD, you dont have to have a clear to close in order to send the CD just remember that and our system is set up to have everything happen very fast. On every loan we do we work backward, we have upfront underwriting and our goal on every loan is to UW in 6hours, then 7day processing, then 1 day for closing i get this doubt alot and all i can say is if you want to know more I can hook you up with one of our guys in Cali. Had it been in iowa, iyeah abstracting would have taken a few more days but not as long as you think, ive had abstract and title rushed and got it in 5 days so though it didnt happen in iowa, I believe it could

  53. Dimitri Timm says:

    TRID has caused delays on almost each one of my closings… add holidays in there and I have 2 loans currently that could have closed before Thanksgiving and we may close by Dec 4th due to TRID. Sellers are charging a $100 per diem to the buyers… hmmm How is this helping borrowers? Bueller..Bueller?

  54. Brenda says:

    So, no had a buyer who got their CD 13 days before closing. On the day of closing, my sellers and I had not seen any type of closing statement (to confirm what they had agreed to pay, who was holding earnest money, purchase of home warranties) AND the lender had not wired the funds even though we were closing at 9 am. Yes indeed, everything really went better?????

  55. Steve Jordan says:

    Isn't obama a genius? From his work with ACORN he became a true lending savant. You shouldn't be surprised because, he once bought health insurance and that made him the World's Authority on medical care AND health insurance. We are soooo lucky that HE allowed us to install him on his throne in Washington. Hopefully he can use his pen and phone and just do away with any future elections, and just be our dictator, I mean, blessed leader for life. Who needs a Constitution anyway?

  56. Dustin says:

    Mixed results. While I haven’t personally had issues with my own closings, my agents have had some. Consistency and interpretation has been the thorn in our side. I knew some title companies would be extra cautious and conservative given how the CFPB reacts if you sneeze in the wrong direction. I do have 1 complaint. I’m a Broker/Owner and in representing buyers I am not receiving anything at all reflecting a commission was paid. Nothing but the check or wire confirmation. Of course we must have an official record of a commission paid (settlement statement, etc, but something official) and here in Texas that is almost always reflected from the seller’s side. If you represent a buyer and the title company does not share anything at all regarding the sellers settlement side, then you have absolutely no record of a commission being paid. A few transactions have provided an ALTA form that shows both sides of the transaction, buyer and seller, thus commission paid are reflected. Some title companies are not using that form. Others are using that form but are only providing buyers brokers the closing data for buyers side of the transaction, and listing brokers the sellers side, thus the buyers side has no official documentation of a commission paid. They are all over the map. I understand their hesitation and caution, but they need to understand at the Broker level we must have an official recording and tracking of commission paid to that brokerage entity or its agents designated on the CDA. The “Closing Disclosure” is not reflecting it unless you see both sides. Title companies are now putting my brokerage at risk if any transactions were to be audited, end up in litigation, or end up in a commission dispute.

  57. Morris Kunz says:

    We have been doing really good with TRID, it feels like a little bump in the road so far. We have been getting emails from our title companies saying how awesome SNMC has been handling our transactions vs most of our competitors. My first transaction, the RE agent gave me 28 days on the purchase contract, we had about a 5 day hiccup with the appraisal and ended up closing in 35 days, so it wasn't that bad.

  58. TA Sullivan says:

    We are only now starting to see the effect of TRID in our industry. I work for a lender and it has been very stressful-though the lender I work for is prepared for TRID and we are fully educated about it-it is still extremely stressful. Not everyone was prepared-and TRID is industry-wide. Positive aspect-more accountability on the part of processing, underwriting and closing, which is appreciated (but not by them I am sure). I know the CFPB is trying to protect and fully inform the consumer, and I am all for that. The comments above highlight some of the challenges we are already having during this transition-doesn’t look pretty. Just don’t think we’ve seen the full effect yet–but we are an adaptable species-so there is hope!

  59. john says:

    As both a lender and realtor, my experience with trid has been negative. It’s a cost benefit issue. Is it worth the cost to extend everyone’s closing by 3 days ( or more) in order to benefit the occasional borrower who may have been surprised at the closing in the past by fees they didn’t expect? My answer is NO !

    There was a law in place already that required the HUD to be presented to the borrower the day before the closing. All the cfpb had to do was to enforce existing law. The 3 day wait period helps no one and hurts everyone.

    My lenders ( I am a mortgage broker) were not ready for trid, and they all handle it differently. Once we get past the learning curve, it will get easier to deal with, but it’s time to get the politicians out of the mortgage business.

    Government regulations that help no one have raised the cost of getting a mortgage and have increased the stress and irritation for everyone. An appraisal that should cost $300 in my market costs $485 to pay the AMC. Poor appraisers are overly protected by the AIR. Now TRID raises compliance costs and lengthens transaction times, hurting the borrower.

    Where are you Ronnie Reagan? ” the most frightening words in the English language are ‘ I’m from the government, and I’m here to help'”.

  60. More $$$ to clients, major stress for processors and back office, major stress for Title companies….we are getting them done but the amount of emails, work arounds and stress this is putting on the people in the trenches is crazy…not to mention the costs that keep going up to the consumer for title services and lending services is a huge bummer. Why not go back to the rule of 24 hours for the HUD???

  61. Joy Daniel says:

    Any other realtors feel "out of the loop"? Even with providing the Title Company the TILA, TAR 2516, they do not want to provide the realtor with the CD. I am representing my client and feel it's critical for me to review. Is this just Texas or others having this issue?

  62. Bruce Donovan..spend a week working for a mortgage company and you will eat your words. To suggest that lenders procrastinate shows your ignorance of the industry. Perhaps you are working with the wrong lender, but my guess is you are just not savvy about the loan process and the layers of compliance that affect us. TRID is just one more of those layers that attempts to fix problems that did not exist. I thank my lucky stars that the agents with whom I work understand the issues and know we works 24/7 to close transactions professionally and with precision.

  63. David Meyers says:

    I see TRID ( The Reason I Drink ) as an irritation in the loan process. Yes some of the forms are better, and easier to read and understand. Did we need to have a whole reform to lender processing to create better and easier forms.

    Title companies are having issues with where they want to place their fees on their closing CD, and where we as a lender want the fees placed. The title companies are telling us the same thing that each lender is different where the want the fees placed on the CD. The other issue I ran into for us and the title company. We have all our fees in place, but we print out our forms, and we have different cash to close amounts. That is the irritation.

  64. Dora Griffin says:

    So far, not the end of the world. As a broker I prepared my customers and I have some great lenders. The CD is great, or at least adaptable. I really don't like the settlement sheet that distributes numbers into 5 columns with a lot of verbiage in the middle column. This piece is way harder for the borrower to decipher compared to the old HUD. Overall I'm closing loans in less than 30 days, but the days of closing in 10 or 14 days are difficult just because of waiting for all the invoices.

  65. Pam Adams says:

    Closings are just starting so it is way too soon to see the delays. Our lenders are still not getting numbers to buyers on pre Trid deals until day before or day of closing. So I expect a mess when Spring sales get rolling. Indiana has a 7 day extension which I am sure will be used as a crutch.

  66. Kevin O'Brien says:

    I have had five transactions now that TRID has caused problems with. One recent issue is the title company adding on a fee at closing of $25.00 which of course the buyer could not pay. do the lender had to pay the added cost. Where’s the control for this Mr Dodd Mr. Frank? Title companies will learn this and make a habit out of it with larger amounts, and inevitably will add to the buyers closing costs one way or another. TRID is the excuse now for everything from a lenders and title/escrows standpoint. We can’t close because of the TRID guidelines. The funds did not wire because of TRID. My kid didn’t make it to football practice because of the TRID. I can’t tie my shoe because of the TRID. More seriously locks are running out due to TRID, buyers are more confused than ever regarding the closing statement, it has made closing a home harder, buyers are getting frustrated and canceling transactions, and the whole Dodd Frank bill needs to be repealed. There’s not one person or group Dodd Frank has helped but FNMA and its’ subsidiaries. Getting tired of the government getting in the way of everyone making a good honest living. Time for a true leader to come in and get the government out of my Cheerios.

  67. Trid has been very costly to the consumer. Myirt and second deal the buyer had to pay more for a moving van. Had to extend the lock. How dare the CFPB unilaterally determine how this be done. Lastly if a consumer's cost are LESS than originally quoted it shouldn't even apply. Can't wait til Cordray is sent packing!!.

  68. I truly think that, if they want to protect the consumer, the lender should HAVE TO EXTEND THE RATE!!! Otherwise, as always, they don't really give a darn. If they had some skin in the game … even just a little … perhaps they might get it in gear!!!

  69. As a lender it hasn't slowed me down one bit. Our average close time is still 17 days. What most lenders don't know is you can get the closing disclosure to the buyer well before they are clear to close. So when you get a clear to close you can go straight to docs.

  70. Ted Rood says:

    I’ve had 3 TRID purchase closings, and all 3 involved significant drama, primarily due to differing opinions between the closing agents and our closing department. On one, the buyer’s agent was giving my buyer a portion of her commission as an allowable contribution to closing costs. TRID requires each credit to be specified as paying certain fees, but no one could figure out how to list agent paid closing costs on the CD. My buyer had to give up $2400 in credit and close 2 days late due to her agent trying to be a good person. Our closing department is asking for a single draft CD with both seller/buyer sides shown, which doesn’t happen if there are separate settlement agents. Bottom line, lots of increased drama for lenders, settlement agents, sellers, and buyers. No one wins here. There was no Dodd/Frank mandate to revamp the closing process, just the GFE/HUD/TIL. CFPB destroyed the village in order to save it.

  71. Adam Black says:

    From a smaller banks perspective we haven't had the problems some are. My first one was cleared to close in 15 days, closed in 20. So far, 20 or so deals into it my average receipt of contract to clsoe is 30 days, same as always. With that being said, we started in July running "TRID" calendar on all deasl to see where our choke points were going to be and trying to develop systems to overcome obstacles.
    Our biggest struggle has been working with closing attorneys. There seems to be some reluctance to let go of the percieved power they thought they held on a transaction. But even that has improved in a short time.
    Also, most problems have been software related. Glitches in calculations, where do you enter this or that, etc.
    Of course, not all is perfect. We are finding new challenges everyday as I am sure we will for some time.

  72. Dana MacCord says:

    It’s the INTERPRETATION of TRID by closing attorneys that I’ve seen so far. The last closing I had the title attorney refused to give the agents settlement statements. We could not compare the prices and fees on the contract with the settlement statement. They let us sit in the room at the closing but not at the table. They asked our clients if it was ok that we were in the room. Unbelievable.

  73. Tony Ferrari says:

    TRID = Delays, wasted money for sellers, buyers, and lenders. Makes no sense for anyone involved. Way to go Government. Try reaching out to Americans involved in the business before you make a knee jerk reactions and change rules that don’t help any parties involved.

  74. Drew Aiello says:

    I have clients that moved here from CA that have to stay in a hotel for 10-days because they had TRID issues on the sale of their home along with the TRID rules on the purchase of their home. So, they are paying over $200 a night in upstate NY and their buyers are paying about $600 a night in CA while we wait for TRID!

  75. Larry says:

    I have had 3 TRID closings thus far. The first one was perfect, no delays. Settled timely and client was happy. The other 2 had last minute compliance issues that delayed closing a day. The Lender was simply working through some of the bugs. No big deal. BUT…here’s the big deal: The Closing Disclosure is awful. Every single client was confused and didn’t feel the document enhanced the closing. Truthfully, the HUD 1 was a brilliant document. Perfectly designed…with a sensible flow…and simple to understand. Perhaps page one of the CD could have been added to the HUD 1 and that would have been fine. This new document is not doing the homebuyer a service.

  76. Why would the emperor leave his office? Cordray will hold onto power and his self-funded bloated bureaucracy for as long as he can. I can see him defying all demands for his resignation. He's a delusional power-hungry supernumerary. There's no Congressional oversight over the CFPB. It's all a racket…

  77. Good Topic today….As a Lender & Realtor i've experienced both sides of the transaction…as well with buyers/sellers. TRID is mostly an annoyance, BUT more importantly you will need to work with a lender that has the foresight to send out the LE and CD immediately….any delay by the lender or borrower can cause a domino affect causing the transaction to not close on time. Lets put TRID in perspective, it has the ability to add up to 4 days to the transaction, but with the right lender you can avoid/reduce that significantly. Alternatively, i've seen Real Estate transactions get delayed for same amount of time or more for other issues…termite repair, home repairs, seller delay, buyer appraisal issues…the list is endless. I'm NOT an advodate for TRID, yet not going to let it get in my clients way!

  78. Kevin Tucker says:

    I make sure to set propper expectations with the Realestate Agents I work with and ask them to manage the expectations of their clients as well. As a Loan Originator I do everything I can to close the deal on time. Right now the reality is 40-45 day closings. As we get the details of TRID worked out we will lower that time frame. Title/Escrow is having just as much trouble as lenders. I have successful transactions because I communicate with all parties involved. I can't change the laws, all I can do is adjust my actions to serve my clients as best I can.

  79. Also has to be a conventional loan, won't be closing government (VA/USDA) loans in 8 days!

  80. Living in a military town most of our Realtors required local lenders (live on an island) even before TRID, now most offers with a NFCU prequal letter won't even be considered!

  81. Sounds like its time to find a better Lender! :)

  82. Luke Landis says:

    Michelle Curry fha too but realistically no on va or usda

  83. It is WAY too soon to say TRID is not a problem. Our pipeline of escrow openings/closings almost came to a standstill. Our first TRID closings did not actually start ocurring until the last week of November. That is a long gap between October 3 and Thanksgiving, and of course the first few were a struggle, for escrow and the lenders. Lenders not meeting the contract date is nothing new, nor is it new that we get docs at the very last possible minute. Nobody expected that to change, and we expect it to get worse. There is also a very wide range of "who does what" expectations…the pendulum swing of lenders approving our HUDs prior to releasing docs is moving through to them asking escrow for closing costs, them preparing and sending us a CD to approve, or asking us to provide a CD to them to approve, to who knows what next…

  84. Sandy Ricci says:

    I think I'll go back to writing a contract that states seller has Close of escrow plus 3 days to move. If there is a moving schedule catastrophe this could help ease some of the pressure.

  85. Franklin American Mortgage declined a loan of mine because we accidently submitted an LE we did for our files. Most lenders would have tossed it out and remind us that the only LE is their LE. How goofy is that?

  86. Perry says:

    Did no one see Rob Chrisman’s report from November 28th. The affect TRID will have has yet to be seen. And the issues…Well lets just start with the aggregate adjustment they forgot about. Need I say more. CFPB has no clue.

  87. EV LaMay says:

    TRID has delayed every deal I have that began under the new guidelines. I have one now that has not closed in sixty days. In addition to the delays almost every title company and lender have different interpretation of the rule and are reacting accordingly creating havoc in my ability as a professional to convey clear and meaningful direction to my clients. As agents we are denied access to the important information to do our jobs.

    I hope in the coming days….. Not months, that some of these things correct themselves but as for now…. It’s a freaking nightmare to my clients and me.

  88. Ben Yost says:

    Why does everyone keep thinking that TRID has anything to do with the Real Estate Agents or Realtors! IT DOESN'T! All Trid does is give the Lender about 10 more ways to miss up or be blamed for the loan going wrong! Which gives the Real Estate Agents 10 more oppurtuninities to be mad or Yell at the Lenders. Trid is beyond rediculas!

  89. Patti Lauria says:

    I so agree with you..

  90. David Fleming says:

    Trid has been a nightmare and caused our company significant delays in meeting closing dates. This is a nightmare!

  91. I have a clear to close on December 23, we were supposed to close December 31, back to back deals, atty and bank making us wait till January 6, way more than 3 days!

  92. We had the Same thing happen at a bank in MA.

  93. There a bunch of Nanny Staters. They want you to be dependent on them and make you a bunch of mindless idiots. Oh and they control the schools too so generation after generation it will get worse unless we stand up and stop letting them take our liberties from us.

  94. I had a lisrting tha the buyer defaulted because documents for the mortgage application was never given in a timely manner. So the buyer lost his earnest money.

    I had a short sale that needed to go back to the bank for approval of a new closing since trid needed 3 days for the buyer to get the closing statement before we could close. Luckly the bank agreed to close after its deadline to save the deal ,but new cost occured because all new closing doc's had to be redone for the new closing date.

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