Tracking Post TRID Release Issues

10/06/2015
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TRID is off and running and we’re hearing some issues already.  We would love to hear how it’s going for you guys below.

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29 thoughts on “Tracking Post TRID Release Issues”

  1. Mark Skinner says:

    TRID is different than any other regulation. In addition to forms and procedures; service and software providers have to maintain and support two systems. Consider your LOS and Closing Document Provider. Check to see if data still maps and that all the data is porting to the documents provider. Most LOS’s are using different fields in their database to support TRID requirements. This means our providers should be testing to make sure the integration will work like it did in the past. Sure MISMO standards will help minimize these issues but I think we’re in for a rough ride with TRID. Thank goodness for the Grace Period.

  2. The Black Knight statistic doesn't tell the entire story. While I have seen an increase in cash out refinances in my own business the majority have been 15 year terms. These are conventional loans limited to 80% LTV typically with scores above 700 (certainly no lower than 680). For many of these borrowers this is the first time in 8 years that property values have allowed them to even consider a cash out refinance. It looks more like rare opportunity homeowners are taking advantage of: low rates combined with increased property values. Let's be honest, the loan quality today is light years ahead of the typical cash out refi in 2006. It only make sense to lock in long term, fixed rate money at these low rates.Please don't give the CFPB anymore ideas for additional disclosures!

  3. The Black Knight statistic doesn't tell the entire story. While I have seen an increase in cash out refinances in my own business the majority have been 15 year terms. These are conventional loans limited to 80% LTV typically with scores above 700 (certainly no lower than 680). For many of these borrowers this is the first time in 8 years that property values have allowed them to even consider a cash out refinance. It looks more like rare opportunity homeowners are taking advantage of: low rates combined with increased property values. Let's be honest, the loan quality today is light years ahead of the typical cash out refi in 2006. It only make sense to lock in long term, fixed rate money at these low rates.Please don't give the CFPB anymore ideas for additional disclosures!

  4. I get tired of people talking about Realtor.com as though it is equal to Zillow in terms of where to spend your advertising budget. Maybe in some areas but in areas with lots of agents like Houston, everybody on Realtor.com has an agent already and/or think they are contacting the listing agent because Realtor.com hides the fact that the client will be contacted by an agent (and even making the fact that a home is pending hard to see so they can sell more clicks). If Realtor.com want's to compete for advertising dollars put the agent's info that will be contacted them on the page. But Realtor.com doesn't want to advertise that fact that the listing agent's aren't getting every lead do they? They want to be known as the national MLS. If they want to be like an MLS that's fine but don't charge agents then at all. They are trying to be an MLS and a ZIllow portal at the same time. You can't be both.

  5. I get tired of people talking about Realtor.com as though it is equal to Zillow in terms of where to spend your advertising budget. Maybe in some areas but in areas with lots of agents like Houston, everybody on Realtor.com has an agent already and/or think they are contacting the listing agent because Realtor.com hides the fact that the client will be contacted by an agent (and even making the fact that a home is pending hard to see so they can sell more clicks). If Realtor.com want's to compete for advertising dollars put the agent's info that will be contacted them on the page. But Realtor.com doesn't want to advertise that fact that the listing agent's aren't getting every lead do they? They want to be known as the national MLS. If they want to be like an MLS that's fine but don't charge agents then at all. They are trying to be an MLS and a ZIllow portal at the same time. You can't be both.

  6. Nate Gerard says:

    I agree the toughest part of TRID is the back end, the details of trying to get a loan done that the lenders must figure out. From a consumer perspective though, the saddest part is when you have to tell a buyer that they must wait six to eight weeks to close now. It’s also unfortunate that once this went live, the CFPB just stole a month to six weeks of production from LO’s and Agents out there since no one can make a 30-day closing anymore. If you calculate that in both the lending and the real estate world throughout the country, that’s a LOT OF LOST COMMISSION!

    1. Ted says:

      Perhaps the plan is to slow down the industry while giving the CFPB more ways to fine LOs. Over regulation in various industries is what the Feds have been doing for over a decade now with no end in sight. Are they really protecting the consumers in the end, or just costing everyone involved more time and ultimately more money? Your thoughts on this please.

  7. Scott Baiar says:

    Journey was a great band! What are talking about?! Have you thought about how many hits they've had? And, Steve Perry sang his *ss off.

  8. Scott Baiar says:

    Journey was a great band! What are talking about?! Have you thought about how many hits they've had? And, Steve Perry sang his *ss off.

  9. Rob Aubrey says:

    Realtor.com wasn't owned by NAR before NewsCorp, NAR owns the Name Realtor.com The site was owned by Move.com, previusly was Homestore.com but it wasn't NAR

  10. Rob Aubrey says:

    Realtor.com wasn't owned by NAR before NewsCorp, NAR owns the Name Realtor.com The site was owned by Move.com, previusly was Homestore.com but it wasn't NAR

  11. Wells also has Shelved the Renovaiton platform until they can figure out the impact in systems from TRID ….. no eta on why they will get these programs back until then … http://www.fl203k.com

  12. Wells also has Shelved the Renovaiton platform until they can figure out the impact in systems from TRID ….. no eta on why they will get these programs back until then … http://www.fl203k.com

  13. Scott Dunham says:

    A lot of C/O refis are being driven by increased values AND paying off the 2nd mortgages (int only credit lines) written in 2005/2006… that are now nearing their 10 year term and are set to term with HUGE payment increase.

  14. Scott Dunham says:

    A lot of C/O refis are being driven by increased values AND paying off the 2nd mortgages (int only credit lines) written in 2005/2006… that are now nearing their 10 year term and are set to term with HUGE payment increase.

  15. John I can't even imagine trying to undertake a reno loan under TRID. If we are looking at 45 days for a traditional loan you must be looking at 60-75 days for a renovation loan. I guess that will work for a refinance but what listing agent in their right mind would recommend for a seller to accept a contract that could drag on for 75 days? It would need to be a seriously distressed property with no other activity or interest.

  16. John I can't even imagine trying to undertake a reno loan under TRID. If we are looking at 45 days for a traditional loan you must be looking at 60-75 days for a renovation loan. I guess that will work for a refinance but what listing agent in their right mind would recommend for a seller to accept a contract that could drag on for 75 days? It would need to be a seriously distressed property with no other activity or interest.

  17. Greg Cross says:

    Brian- Journey is a great band! LOL

  18. Greg Cross says:

    Brian- Journey is a great band! LOL

  19. Brian thanks for sharing the statistics of use for both Zillow and Realtor.com but does it really matter? Consumers have no idea about any of that and they will select because it is easy to use. I have visited both Websites and in my opinion Zillow is very versatile, easy to use and just has a nice crisp look to it. So needless to say as a consumer and without knowing all those stats my pick would be Zillow.com.

  20. Brian thanks for sharing the statistics of use for both Zillow and Realtor.com but does it really matter? Consumers have no idea about any of that and they will select because it is easy to use. I have visited both Websites and in my opinion Zillow is very versatile, easy to use and just has a nice crisp look to it. So needless to say as a consumer and without knowing all those stats my pick would be Zillow.com.

  21. Who cares if Wells' system melts down. Let them crash and burn. It costs the Broker community nothing. WF deserves all the grief they get. As to a post TRID meltdown for Brokers / LO's, the analogy is pretty clear: if you sucked pre TRID and couldn't get them closed on time, you'll suck post TRID as well. The difference is pre TRID, you would just extend happy hour. Post TRID your head will explode. It's just math for the LO/Broker. If you did your part, your figures that would cause delay won't change. If the agent, title officer or buyer/seller change figures, the delay is on them, not you. We have had over a year to educate ourselves AND our agent partners on what is needed to keep things smooth. Let them know what will cause delays and who is responsible. If you haven't done that, shame on you.

  22. Who cares if Wells' system melts down. Let them crash and burn. It costs the Broker community nothing. WF deserves all the grief they get. As to a post TRID meltdown for Brokers / LO's, the analogy is pretty clear: if you sucked pre TRID and couldn't get them closed on time, you'll suck post TRID as well. The difference is pre TRID, you would just extend happy hour. Post TRID your head will explode. It's just math for the LO/Broker. If you did your part, your figures that would cause delay won't change. If the agent, title officer or buyer/seller change figures, the delay is on them, not you. We have had over a year to educate ourselves AND our agent partners on what is needed to keep things smooth. Let them know what will cause delays and who is responsible. If you haven't done that, shame on you.

  23. Eddie Reed says:

    Frank/Brian – Did the CFPB get rid of disclosing LO Comp for the mortgage broker by implementing TRID? If so that's a win for the little guy that I've heard nothing about

  24. Marvin Colon says:

    Somebody has been watching Mr. Robot.

  25. Encompass screwed up the broker compensation calculations for the LE. They won't have a fix until October 15th.

  26. I totally agree that this refinance bail out fiasco is starting once again to bear bad fruit. I am seeing more short sales these last two months than I have seen these past few years!

  27. Linda Pohler says:

    The take away here is Realtor.com, Zillow, Trulia and the like are companies, not tools for Realtors. They all answer to their share holders and are making millions off our our MLS data.

  28. Linda Pohler No Doubt. I was just commenting on the fact that just because Realtor.com may get more eyeballs at some point doesn't make it a better platform for leads. To your point though it is a game you play in or your don't. I don't like it necesarilly but zillow has brought us over 300k a year in income so I can't complain.

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