I hate TRID. We all hate TRID. TRID sucks. TRID is wreaking havoc with our title companies and lenders. Our buyers are confused. Our sellers are irritated. Nothing good is coming from TRID.
But who actually cares?
Our clients don’t. They just want the deal to close.
When people see a doctor, does the doctor launch into a discussion about national healthcare? Does he/she talk about how the insurance industry and health care industry is causing the staff issues and headaches? No. When you see a doctor, the discussion revolves around the patient, what the patient needs, and how the doctor can help. Period.
So why do we find it necessary to complain to our clients and the general public about a topic they don’t really care about? When clients go to a lender, Realtor, attorney, or title company, it is to get assistance with a transaction, not get all the gory details about how the government has screwed up our industry.
Most industries have been affected by government regulations in recent years- education, health care, insurance, power companies, communications, you name it. The list goes on and on. And honestly, I don’t want to hear about it unless it affects me personally. Maybe that’s just me sticking my head in the sand. But I have enough on my plate as it is. And I have a feeling our clients feel the same way.
Clients want us to keep things simple. They want us to take them by the hand and get them to closing with as little issues as possible. Yes, we need to explain that the process could take longer than usual, that we have a little more paperwork that needs signed, and that there is a 10 day hold- in most cases- between the clear to close and closing. But ultimately, they just want us to keep things moving as best as we can, and communicate as often as we can.
I’m not saying we shouldn’t care about TRID. We should. It’s important th
at our national associations and state associations hear our complaints so they can work on making things better. I encourage watchdog groups and special interest organizations to make waves and get things noticed. I applaud shows like The National Real Estate Post who bring issues to our attention, and to the attention of our leaders.
But what I am saying is our clients just don’t care. Complain to your colleagues, but don’t complain to your clients. They come to us for help with a transaction; a major life change that is probably making them nervous and worried. By telling them how much we despise the new policies, they are actually hearing “this person hates his/her job and my transaction is going to be really difficult.” Be the professional. Take the weight off their shoulders, and get the job done.
Amy Gi
lpin Associate Broker, Manager, ABR.
Fourteen years of helping clients. Six years of helping agents. All for this crazy thing we call real estate.
Production Realty 517-879-4141 Jackson, MI Amy@ProductionRealty.com
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I completely agree with you, to an extent. I work with many, many first time home buyers and do my very best to alleviate stress for them. Unfortunately, when something as simple as the home warranty is left off the closing disclosure I have to explain to my clients that if we redisclose, their closing will be pushed back a day because the CD can't be sent out with the correction the very same day. Part of our job is to help educate our clients so they fully understand the transaction and process. I think it's important to explain why TRID is complicated and in turn why it's making our job a little more difficult. New TRID rules cause the stress and the only way to help my clients is to educate, educate, educate.
I get what you are saying, but what many of us our doing is defending ourselves on why we cannot close as fast as we used to and then we explain the new rules and why they are in place as best as we possibly can. I do not seem to have to do with 1st time buyers but seasoned buyers and refinancers do not get it and then state things like, "the last time I did this with so and so lender I never had to do any of this… what is wrong with your company?". That is when I have to present my Lender TRID defense seminar speech.
It has been esitamted that the new legislation adds over $200 in expense to each loan. The consumer needs to know that our government believes that borrowers aren't capable of making informed decisions. "Know before you owe" and "Your Home Loan Toolkit" are perfect examples of requirements which are forced upon borrowers. When clients who I have done business with for over 20 years repeatedly ask, "why is this so complicated" I owe them an explanation. When past customers ask why loan costs have increased, they deserve an honest answer.
I like TRID. The CD is great.
Trid has been so over-hyped! I counsel my clients that there could be delays because we are getting used to a new way of doing things. That's about it.
Very True.. but the cost per loan increases will soon have doors closing at record speed.. so when the borrower complains about costs of fees etc.. it is because if these changes not the lenders doings..
I think the lenders having issues with TRID are either misinformed about it or using the wrong lenders. I'm not a TRID fan but at worse it's only been a minor issue which was mostly the first month. It's old news and running smoothly for me. I think the CD is overkill and the HUD was easier to explain but other than that I've seen zero delays due to TRID. Then again I read everything that crosses my inbox and I take the time to take as many education classes on new rules, guidelines and products as I can. Not to throw shade but so many in our industry only do the minimum to get by but are the first to whine when things do go as planned.
Actually, every Dr. I have spoken to in the last few years has mentioned what a pain in the ass their industry has become as a direct result of Obongocare, and that more of their time is spent dealing with insurance issues instead of patient concerns, and that they can't wait to get out of the business. Sound familiar?
You may like TRID but do you understand TRID math? At $209 increase per loan X 500 loans per month=$104,500 per month X 12 months = $1.25 million a year. How do you suppose that will be paid for? We haven't missed a single closing date since TRID was implemented, we have a dedicated TRID implementation team, conducted Realtor training sessions, provided TRID videos and are in full compliance. TRID has a cost and that cost will ultimately be passed along to the consumer.
hey, if we learn to DoTrid, & do it Great, and then IF maybe a Republy President and Congress might get rid of TIRD, then we will be way more Strong with that WorkOut.
Very well said Amy. You right on target.
Yes, I agree. Our client's… especially the client's who have come back to us beause they have bought more than one property in the past from us and it was not as complicated as it is now for them. I think they deserve an honest answer also. The seller's and the buyer's are educating themselves on the computer and they want to know why all the changes, which is hurting their selling and buying process, in the last few years. Yes, they know about the foreclosure years but they also know it was brought on by the Government giving loans they knew would come home to haunt us all or did they? The government and the banks are moving Real Estate into a pit of rules and time consuming efforts by Realtors and Loan companies. The Government always puts more rules after they have made a mistake like give loans to unqualified people who walk away, and they do not want us to tell them the truth. Get real! It is cutting into everyone's time and pocket but the Government's.
Yes, I agree. Our client's… especially the client's who have come back to us beause they have bought more than one property in the past from us and it was not as complicated as it is now for them. I think they deserve an honest answer also. The seller's and the buyer's are educating themselves on the computer and they want to know why all the changes, which is hurting their selling and buying process, in the last few years. Yes, they know about the foreclosure years but they also know it was brought on by the Government giving loans they knew would come home to haunt us all or did they? The government and the banks are moving Real Estate into a pit of rules and time consuming efforts by Realtors and Loan companies. The Government always puts more rules after they have made a mistake like give loans to unqualified people who walk away, and they do not want us to tell them the truth. Get real! It is cutting into everyone's time and pocket but the Government's.
Amen, Mike. I do more explaining than I want to sometimes. But, to keep a client you better let them know what is going on or they will move to a company who will.
Amen, Mike. I do more explaining than I want to sometimes. But, to keep a client you better let them know what is going on or they will move to a company who will.
That can loose you a client in the future. They want someone who can tell them the truth about what is happening. They will find out eventually and you will not look as professional as you would have in the past. if you had explained to them in simple terms what was happening or even just told them to look up TRID on their computer to help them understand the wait. Don't take the easy way out…it really keeps client's from trusting. I have had so many thank me for explaining TRID or telling them to look it up and read it so they will understand. It causes less frustration if they know the truth.
That can loose you a client in the future. They want someone who can tell them the truth about what is happening. They will find out eventually and you will not look as professional as you would have in the past. if you had explained to them in simple terms what was happening or even just told them to look up TRID on their computer to help them understand the wait. Don't take the easy way out…it really keeps client's from trusting. I have had so many thank me for explaining TRID or telling them to look it up and read it so they will understand. It causes less frustration if they know the truth.
Yes, I agree. I work more hours than most of the people in our company, but I keep my seller and buyer informed. That is why I have so many come back client's.
Yes, I agree. I work more hours than most of the people in our company, but I keep my seller and buyer informed. That is why I have so many come back client's.
Yes, Steve… and we can not only be stronger, but faster to closing. 🙂
Yes, Steve… and we can not only be stronger, but faster to closing. 🙂
Frank Ruzicka Yes, everything is passed on to the comsumer. We are the consumer. 🙁
Frank Ruzicka Yes, everything is passed on to the comsumer. We are the consumer. 🙁
Right, AJ…Right! it is not the lender. We Realtor's know that but the seller and the buyer want to know why it is taking so much longer this time. They do not want someone to say. "Oh, it is just the rules. They want to know what, and why rules changed and why they are having to pay so much more this time than before. 🙁