TRID Grace Period – Sort Of

09/09/2015
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The CFPB is going to allow an undefined grace period when it comes to levying fines regarding TRID.  Yes.  Undefined.

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Comments

13 thoughts on “TRID Grace Period – Sort Of”

  1. This TRID change is causing a lot of headache. My hope is that we will get used to it, and business will go on as usual. Is it causing a spike in business? That may be, because I have 8 deals pending, and more are coming in every day. Some of those will close after October 3rd, so go figure. I just wish that government types, who have had no or little experience in the real estate industry would just butt out and stop making existential changes that will probably only confuse our clients more, not help them. 2017 cannot come soon enough.

  2. This TRID change is causing a lot of headache. My hope is that we will get used to it, and business will go on as usual. Is it causing a spike in business? That may be, because I have 8 deals pending, and more are coming in every day. Some of those will close after October 3rd, so go figure. I just wish that government types, who have had no or little experience in the real estate industry would just butt out and stop making existential changes that will probably only confuse our clients more, not help them. 2017 cannot come soon enough.

  3. This is what hope and change looks like, a big dark and scarry hole with no sign of light. Welcome to Commie land brought to you by Obama.

  4. This is what hope and change looks like, a big dark and scarry hole with no sign of light. Welcome to Commie land brought to you by Obama.

  5. Steve Lloid says:

    Hilarious yet informative!

  6. Steve Lloid says:

    Hilarious yet informative!

  7. james Ebert says:

    In every rising market, the appraisal process, designed to be a reflection of recent past values, cannot keep up. In my seminars with over 25 local realty offices, I have recommended what you are saying, tell them ahead of time. Explain that the process could produce an appraised value slightly below the sales price. Don’t get upset and try to fight it ( which eats up precious days and never works), just have your client prepare ahead of time for “Option B”. Option B is “If the appraisal comes in slightly low, plan to increase the down payment, accept the lower appraisal, and get your loan at 80% of that value.” It doesn’t work every time, but when buyers have been counseled, it has saved a lot of headaches, time and money. The appraised value, by someone from 40 miles away, (working for half of a normal fee) is not the hill you want to die on!

  8. Wow! Those new camera's might have just a little bit TOO much resolution! LOL

  9. Wow! Those new camera's might have just a little bit TOO much resolution! LOL

  10. CFPB is a bureacratic safe haven for those without a real platform somewhere in order to voice their ambigiuosity with impressive sounding words which sound important but carry nothing but hot air, meaning absolutely nothing… yada, yada, yada, yad…

  11. CFPB is a bureacratic safe haven for those without a real platform somewhere in order to voice their ambigiuosity with impressive sounding words which sound important but carry nothing but hot air, meaning absolutely nothing… yada, yada, yada, yad…

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