The National Association of Realtors put out a report that, in their opinion, seems to paint TRID in a pretty good light with respect to extended closings. What do you think?
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Hey guys, I wanted to contribute to helping Nate at “Go Fund Nate” but it wasn’t down below. Can you send me the link. Thank you guys for all the great information and insight that you provide. Laura
Extended time to close, QM rules, buy-back provisions, diminishing appraisers, regulations and disclosures, sub-prime resurgence, FHA decline …. what's not to like …. it's "NO"…. before you owe!
Thank you guys for trying to help out a realtor buddy…. If all of us put in $25 bucks instead of going out to lunch ,maybe his family can concentrate on getting him better instead of worrying about " how are we gonna pay for this" ! Cudos to you guys…….. Hugs too!
THe NAR are idiots. Wait until the Government comes after Realtor commissions the way they did LO commissions. It's coming and it's coming soon. There is no way Realtors are getting 3% in another 5 years, it will be a thing of the past. Enjoy it while you can…
we are closing on time, 30-40 days.
OMG, guys, you really pegged NAR. Thank you!
Well done on Nate guys!
It is true I have not done a lot of loans since TRID kicked in, however, my very latest Purchase Money Loan closed within 26 days from start to finish. I submitted the loan with United Wholesale Mortgage (a great Lender I have found) on Monday, February 1st and it closed/funded/recorded on Friday, February 26th. It could have closed faster but the Title company was not organized. Anyway, it was a $417k Conventional 30 year Fixed at 95% CLTV (only 5% cash downpayment), full doc, 800 FICO, great income self-employed Borrower for an OO, SFR in Contra Costa County, California! I know that purchase loans move faster and have priority, so, I will see how my next refinance turns out…
We are a tiny company and honestly I was closing loans in 15-20 days. My shortest was 13 (yes, a conventional loan closed in less than two weeks, it happened)
I haven't closed one in les than 37 since trid… thats still "short" but twice the time!
Now Frank and Brian I just heard from Hillary, the reason you are having so much trouble is because you are in the business and she promised me if you weren't in the business you would not have had all this trouble seeing the greatness that is TRID. She also promised that if she gets elected she is going to stop this injustice that you have faced for all these years and make the people that forced you into this business pay. Now please take the fine gift of kool aid that should be delivered to you office tomorrow and drink heavily and share with your fellow workers. Frank no need to add any Jack as it may hinder the effects of the kool aid
Did that woman really say "heal" to the lion? Yeah….like that is going to work.
Quite frankly even the local real estate boards are out of touch with what happens on the field. Not surprising that NAR is out of touch with what happens out there. As a realtor, we just need to extend our closing dates in the contract and work tight with the lender to keep things on track. Of course Robo realtor can do that as well, can't he? (Or she)
nar is a liberal union