TRID the Final Word

12/04/2015
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Today The National Real Estate Post wraps up your thoughts and theirs on TRID thus far, but we’re sure we’ll be back with more soon.

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51 thoughts on “TRID the Final Word”

  1. My first closing with TRID and Bank still needs an extension on closing date. The respecx for the industry needs to come from the Bankers/Personal it's NOT happening.
    TRID "The Rdculous In Docile"

  2. Terry Horres says:

    We are having a problem with attorneys( we are an attorney close state) refusing to give us a copy of the HUD after closing. Many claim that it is illegal to do so. Our company needs the signed HUD to close out the transaction.

  3. Cynthia Montgomery says:

    TRID caused my first closing with them for the attorney to be 45 minutes late, the seller was unsure if the paper fillers had put a HOA on his side or the buyers side. Still do not know it if they charged anyone for it since we can’t see his side. The attorney was shaking for 3 hours as he tried to explain it to all of us. THe seller’s name was incorrect and we did not see it until he gave us a piece of paper 2 hours into the crazy closing. The price was wrong again we did not find out until 2 hours into the closing because he gave the realtors NOTHING to review until 2 hours into the processes. Then no one got paid, the seller, the buyers agent or the sellers agent until 29 hours later the next day. TRID
    TRID -TRYING REALTOR INTELLIGENCE DAILY – TRID

    Maybe it was just this attorney and this lender that made the closing so crazy. So for me, I will push harder to use my attorney and lender! Don;t know anybody in the congo!

  4. I completely understand why Dodd-Frank eliminated sub-prime loans because LO's were making 2 points upfront and 3,4 or 5 points on the back which is just crazy. But regular, honest loan officers making a quarter to a half a point extra, there is nothing wrong with that.You ask how we feel about the business and 2016. With zero chance of getting any overage, and with our duties literally doubling as a loan officers, I would say that Wal-Mart is looking better and better. At least I wouldn't have to work 80 hours.

  5. I agree with the guy that calls TRID: the reason i drink…. thanks 'consumer protection' for making it even more difficult to close on a house! Your new definition/re-categorization of a 'gift' cost the last buyer at a settlement an extra $1000 at the settlement table, for fear of having to wait another week or whatever for any change to the settlement sheet: SURPRISE!! :-O
    Attention government – newsflash: quit making Realtors' jobs more difficult; why are we, homeowners and consumers still all 'paying dues' (many, in lost home values locally) for the 2007 mortgage crisis fallout?! It's like blaming the victim. Try understanding the process a bit more, before over-regulating the wrong end of the industry.
    Biggest problems impacting 2016 real estate market: this tight lending market, economy stability & jobs outlook. Most promising things for 2016 real estate market – on a local level, we have a nice resurgence in our historic downtowns here in the lehigh valley pa; heavy investment in Allentown's future, excellent farmers' markets more retention of youg people/hipsters. Now retirees & downsizers are actually moving out of the 'burbs to our exciting revived town centers. They love the fact that you can walk to so many great restaurants & shops from sweet new apartments and many are investing in renovations; wonderful to see our downtowns come alive again. ~ellen, broker of freebridgerealty.com

  6. I am having my first post TRID closing today. Upfront I don't like that we Realtor's can't see a settlement statement upfront. I represent the buyer and have no way of knowing if the sellers are being charged for the home warranty they agreed to purchase, let alone tell if they are reflecting a commission to my brokerage that is what was advertised. No way for us to make sure things are being charged and paid for as they should be according to the terms of the contract. If you think a sellers agent is going to point out on their side that the attorney left off collecting for the home warranty and their seller saved the $750 I think a lot of them will let it slide by and the buyers then have to deal with a headache post closing. Can't wait to see how this plays out today. So far zero delay in the process but we did write the contract up to a 5-6 week closing from the time of contract. Fingers crossed no surprises today.

  7. Mike Duncan says:

    My experience with TRID has been just another excuse for lenders to pass the blame of not being able to close on time and away from their short coming and blame TRID. I can give multiple examples but it would be out of frustration and would make me look like someone you wouldn’t want to do business with. You see I’m not an average Realtor; I’ve been selling real estate since 1998 and have sold over a 1,000 homes with over ½ billion in sales. This year we have sold 199 homes at $39 million in sales. So I have had the opportunity to gather a great deal of experience through being able to work with a lot of people. TRID is not the reason for missing closing dates. Prior to TRID closing dates were being missed. Now lenders can easily blame TRID and we have to accept it, that’s wrong! In the state of Indiana where we conduct business and required to use Indiana State Forms it is now written “If closing cannot occur by “Closing Date” due to any government regulation or lender requirement, the date of closing shall be extended for the period necessary to satisfy these requirements, not to exceed 7 business days.” TRID is not the reason it’s an easy excuse not to close on time. For example prior to writing an offer we always ask the lender how many days do you need? And prior to accepting an offer we ask the buyers lender if they can hit the agreed to closing date? Without failure we work towards those dates and 70% of the time there is a delay, this was prior to TRID. Now that TRID is here we’re all screwed! I work on referrals and have built my business on getting referrals from past clients and have learned you’re only as good as your last interaction. When there is a delay in closing I’m blamed for it, not the lender it’s me the Realtor therefore no referral business from them. Realtors send Mortgage companies Free Business everyday all we ask for in return is get us to closing on time. Mike Duncan 317-888-7000 Mike Duncan Real Estate Group 484 N Madison Ave Greenwood IN 46142

  8. Adam Black says:

    Positive about 2016. I think it will offer opportunities to the professionals to garner more of the market share from the ones not doing it the right way. They will continue to struggle with TRID or at least use it as their excuse. Also, if rates do rise they won't be able to educate the consumer to the fact that whiel they may be higher historically they aren't "high". Looking forward to '16 and eating out of the other dogs bowl!

  9. Bonnie Stocker says:

    I had a loan application with an internal auditor who audits banks and she tried to make sense of the numbers on the LE and we were unable to balance the amount for her to bring to closing with my worksheet in Calyx Point – which I use and have used for 20 years. It was off $1K – not a small amount. I was embarrassed and assured her that my number was correct. How can I remain the expert when I can’t make those numbers match the actual numbers that the buyer will need to close. The lender issued the LE and they won’t fix it because it is supposed to be over disclosed per their representative to make sure they are compliant. Yet my number crunching borrower needs to know why it doesn’t match what I am telling her she needs to close. This is a big problem. At least the GFE and Fees worksheet would match. I am worried about the future of my business when I cannot make sense of the LE…….

  10. Dora Griffin says:

    Interesting you can't see the settlement statement. Why? I always send it to my agents.

  11. Dora Griffin says:

    Adam, as a mortgage broker I hope we continue to see business flow away from big too big to fails.

  12. Dora Griffin Not sure, they sent the buyers disclosure so far to my clients and my clients sent that to me to review and of course the 1st one had many errors which we got taken care of but not a settlement statement. Closing is at 11 today so I will report how it went when we are done. All my closings up to today have all been pre-trid so this is the 1st. The closing attorney/title we are using are not my favorites either so that too makes me nervous. The last one i had with them a few years ago took 4 hours due to their errors.

  13. Velinda Shirley says:

    My first TRID loan with Flagstar was a nightmare with m any mistakes made by FS. It took 13 days to get a CD after getting CTC., with no apologies from FS.

  14. Maria says:

    I have had 3 TRID closings and all have been delayed 3 or more days and all were written with 40+ closing dates. My buyers send me a copy of the closing statement immediately upon their receipt. Mike D. Is correct. Lenders have always been the cause of delayed closings (99 percent anyways). Now they have an excuse.

  15. Tom Cloutier says:

    Does it count if I lived in the DRC (then Zaire) for 2 years (Peace Corps) and I now watch your show?

    1. admin says:

      Tom do you know anyone over there you can contact and have them watch the show?

  16. Dora Griffin says:

    I like the closing disclosure because it makes more sense to the borrower where my pay is involved. My first TRID closing however cost me $492.84 because the title company moved the owner policy cost to the lender title insurance column, making one of those boxes underdisclosed on the cd. This is in spite of the fact the total costs were overdisclosed, including the combination owner,lender policies. So I got to give the borrower $492.84 to cure a problem that did not exist. Considering I was proactive in discussing the possiblity of this with the title company and my lender and I still got stuck holding the bag I'm not a happy camper. I am more than willing to pay for mistakes I make but paying for a mistake this lender and title company make won't happen again.

  17. Michele says:

    OMGosh! Stop Whining! TRID has been coming for a long time and it’s not going away. Change is constant in our industry. If you can’t adapt, find a new career. Some of you may have forgotten but with the HUD change in 2010 came a 48 hour notification period. Since the client could ‘waive’ that we all ignored it. Now you can’t. Most of the he megabanks have a 10 day period between final approval and closing. They are mailing out the disclosure to make sure they meet the requirement and avoid any fines. You know this up front, if you’re working with them and do your job, so this should not be a surprise or an issue. If you’re having a problem with your documents, that’s a provider issue! We are showing POC appraisals and not having any issues with our disclosures. We are closing on time and I have moved up a closing. And NAR recommended adding 15 days to the closing date on contracts. Even if the big guys are using that 10 day time frame you should have plenty of time. I would be cautious about having a HUD on your transactions, remember the rule about not disclosing the buyer information without permission? I hate to admit it, but the new disclosures are clear and easy for the consumer to understand. Isn’t that what we’re supposed to be about? Excellent service?

  18. Brad Walker says:

    As far as closing delays, dont' worry…they're coming. We have not had delays yet, but the hours committed to comply with TRID are creating backlogs. Translation, we can't get started processing new files for working on closings. The additional hours it is taking is a serious concern.

  19. I have my first TRID closing and we gave the Lender 65 days to close. I believe they do not look at the loan for over 35 days and then say we need to close a week later due to their dropping the ball until too late. Trid is just giving the lender a longer time to sit on the file before looking at it. So is this better for our consumers? NO!

  20. Dora Griffin says:

    Biggest problem in 2016. A couple of thoughts. Appraisals for those of us who don't own our own AMC or get to hand pick appraisers from a roster. Student loans.. more and more I see folks who took all they could get for loans and now are saddled with big payments or defaulted on 30K or more in student loans. I have someone now who has $85K in student loans and earns $40K a year max. This will become a bigger and bigger problem unless the government makes these zero interest and those who took the loans get serious about paying them.

  21. Dang Mike, you have some really crappy lenders in your area!! I've been selling in the Lawrence, Ks market since 1990 & we hardly ever have delays when we use our local lenders. When we have buyers who use lenders from the KC or Topeka area though, those cities are just 30 minutes east & west of Lawrence, we do tend to have problems.

  22. Dora Griffin per the cfpb rules the CD can only be desclosed to the borrwer. We can not send this form to anyone other than the borrwer or we could face fines and penilties

  23. Nate Gerard says:

    Regarding TRID, one consequence is that as a listing agent, I'm supposed to list the loan type and loan amount on the MLS on a closed sale. With the new statement I only see the seller side so my closer must ask the buyer's closer to give them this info on a post it that gets stuck to my statement. If it doesn't fall off, and I take their word for it, I can provide the data that used to be instantly verifiable for my MLS. Regarding the future of the market, that will depend on how quickly rates go up. If they don't go over 4.75 we should be fine.

  24. Arthur Lenga says:

    Had a closing last week that after filing my paperwork to receive the closing statement I still could not obtain it. Then for the first time seeing my client's closing statement I noticed there is no mention of their home warranty, but wait I personally keyed in the home warranty web site and sent it to the title company. My point is there is no mention on the closing statement that the home warranty is being credited to the buyer, since it only shows on the sellers closing statement. This is just another inaccurate disclosure of the disclosure statement from TRID. Of course TRID guidelines are being imposed by untrained regulators to the Texas regulated market.

  25. Michael Shaw says:

    BTW when producing an LE you can simply add the Aggregate Adjustment as a lender credit, and it will be fine and show the correct bottom line. However All of my closings are set for 45 days not 30 on purchases. My last purchase closed by the skin of it's TRID Teeth at 45 days!! My lenders gave a free 2 day extension after I paid for 5 days on my refi to get it closed for TRID… so ya… it SUCKS!!!!

  26. I'm sorry guys. I don't watch this for comedy. I have TV for that. Can you please at least put something education in the show?

  27. Brenda Feria says:

    While everyone is vigilant now because TRID has just taken over real estate closings, I believe that many will take it for granted in 2016 and begin doing business as usual and THAT is when we will see delayed closings. I intend on working only with those attoryneys and lenders who have a system in place to keep this from happening.

  28. FL-MTG-BRKR says:

    Brad Walker made a great comment above, and I was thinking the exact same thing earlier this week. The time involved with closing my TRID loans are eating up the time I should be spending on new business… Being a small broker I dont have the resources to pass off some of the additional work involved for these closings.
    As far as 2016, I’m gonna “Take It To The Limit”

  29. Tom Tevis says:

    TRID stands for Totally Ridiculous Insane and Demonic! We have been closing our TRID deals in about 30-35 days so no major delay but it is a beating for my clients and the stress levels and pressure has been increased ten times over! To ackowledge every change, all the estimates and closing dicslosures in the time frame is the real issue with most of my clients. The changes in 2010 eliminated surprises at closing so the only thing this did was put the consumers more crap and more fines for lenders which will be passed to the consumer. In the end, we all lose! Stop the governement from screwing us over and over!!!!!!!!!!!

  30. Terry L Day says:

    Randy is really correct. The Closing Documents are absolutely confusing for all parties involved. I recently heard of a lender calling title and doing the CD together and the bank ended up just writing exactly what title had. How is this better then the HUD-1? Fortunately for those of us in the biz we have been able to be unified and apologize and point the finger at the government.

  31. Cheryl Hofhines-Morgan, TODAYS Real Estate Group, Meridian, Idaho. I was suppose to close this Monday and the buyer to get the CD yesterday. The lender tells me she forgot to lock the loan until yesterday, cannot send CD until today. I represent the buyer. The seller is a very difficult person to work with. Movers coming and going, new furniture to be delivered. And of course I am not allowed to see the CD before buyers, so have no idea if it is correct. My last closing was a TRID. I asked title to make sure the extra earnest money and child support payment was on it, which he said was not, luckily we were able to resend the CD at 8 p.m. that night with the correction. My buyer had circled so many items on it that I had to explain. We as AGENTS need to see this before the buyer or they blame us.

  32. john burns says:

    It used to be the “golden rule”, you know, “who has the gold makes the rule” applied to the lender. Who has more money than the lender? The government, new golden rule.

  33. Mike Kelly says:

    I am quite postive 2016 will be another very active and fun market with delays in the loan process for the first quarter. I believe (fingers crossed) all parties will be on the same page with regards to TRID after that first quarter and we will be back to experiencing 30 day closings. Heck there are a few lenders in town who are have closed post Oct.3 rd escrows in as little as 23 days so it can happen. I plan to roll with the punches, manage expectations to the best of my ability and hope all members on the team (") do the same. Here's to 2016 and a productive new year….. Clink, Burp…. :-)

  34. Jerry Robinson says:

    Ok, Boys, TRID has been a trainwreck, and we have been doing this for quite a few years, over 23. So has there been delays, YES, typically we were closing loans in 30 days or less. But to accommodate this new mess, we asked that all purchase agreements be drawn with a 45 days escrow. And right now we are LUCKY to close in 45 days. I broker through some of the largest wholesalers in the US, some which are advertised on your show. My last CD, took over 1 week to figure out and get out to the borrowers, which delayed us 7 days, PAST the 45 day. Title and Lender couldn’t get pro-rations correct.

    BUT!!! What you really have not focused on is the refinances. And the fact that not only do you have 3 days from the CD, but you ALSO have an additional 3 Days for the Right of Rescission. And waiting for payoff to come in can be even more of a challenge, like when the borrower typically does not make their payment until the 15th of the month, then give it 2-3 days for you to receive the payoff, another 24 hours for the UW to review, you are scrambling to get the CD out and the loan closed by month end, and let’s not forget if there is any weekends or holidays.

    I have spoken in recent days, after watching your AWESOME show, to about a dozen title companies in the local area, only a few of them indicated that they had a closing go on time.

    Will this get better with time, probably, as people update theirs systems, but the fact of the matter is, there are delays, and we are not even in the busy time yet, we will have to wait and see what spring bring us, and God forbid if you have a refi-boom.

    Jerry Robinson
    http://www.375loan.com

  35. Manny… i hate to break it to you, but those subprime loans where gone before Dodd-Frank passed and implemented. The market drove those type of loans out of the market place, we didnt need Dodd Frank do that. But i do agree with that latter portion of your point.

  36. Loraine Mullen-Kress – Real estate agent in Laguna Beach, CA-
    Keep up the great work guys! I think, in my South Orange County coastal area, that 2016 will see a so-so year with meager home sales growth and 5% price appreciation, if we're lucky. Biggest problem will be the potentially devastating global uncertainty as it takes a toll on consumer confidence and spending.

  37. Mike… you need to stick to real estate, clearly you dont understand TRID or lending.

  38. and futhermore we live in a capitalistic nation. now we have socialism in our industry….sucks

  39. I made it to closing today and the sellers were not going to be at the table but someone with POA for them was there instead. The attorney upfront addressed the disclosures and how he was not allowed to give the agents the disclosure we need to turn into our brokers from the closing but he said he would give an extra set of the document to the buyers and the POA person and if they wanted their agents to have a copy they would have it to provide. He kindly laid our commission checks onto of the extra copy and handed it to our clients and they simply passed them on to us. Problem solved. However, we all discussed at length how this is such a bad idea cutting the agents out of the loop and what their reasoning is for this is not able to be understood. We agents know better than anyone else involved in the transaction what the numbers are suppose to look like. I understand attempting to keep buyer information private from a seller and seller info from the buyer…it isn't the sellers business to know the loan details etc of the buyer and the buyer to know what the seller is netting, but where I see it harms, is, by the agents not being able to see both sides, we cannot police the number breakdowns. A good example from a previous closing I had. The listing agent was offering a selling bonus. If I sell his listing and am not allowed to see the disclosure ahead of time and we get to the table all to find out the selling bonus the seller was offering isn't on the disclosure then I lose the bonus or delay the closing trying to obtain it. That is a petty example but one that should be noted as just one of many things that can happen if this TRID way is allowed to continue. All I can say is Jan. 2017 can't get here soon enough and I can only pray that the new Prez shuts down the CFPB. I don't see that they do anything but create problems more than they solve them just so they can go behind everyone find something to fine people for so the feds can get some free money that they can spend on God only knows what.

  40. Nothing on TRID but Alta Settement Statement or as i like to refer to them as A.S.S.

  41. Mike Duncan says:

    Michael Delgado You missed my point. This is why this is shuch a great country you have your right to express your openion even when you didn't understand. I do understand TRID and I have no desire to be a lender. But I will continue to send FREE business to lenders.

  42. As a real estate closer working for a title company, lenders are getting out TRIDs to their borrowers even though they are not finally approved to close just to make sure they have met the 3 day disclosure requirement. They are sending them to the borrower with no prorations for taxes or HOA or Condo dues, so the cash to close can be off by a substantial amount by the time we get it. I was hoping TRID would get loan packages to us quicker, but although we work up the TRID and match to the lender, there is much more back and forth, more fields that have to match, and we still do not get the complete package until the loan is approved. Every lender has a different way of working and the portals and platforms are all completely different, so we title people are working with perhaps 20 or more different systems we have to learn how to navigate. Of course, we are all learning this together and hopefully the process will become streamlined.

  43. Patti Lauria says:

    Laura, I am an Escrow Officer in Ohio …. I feel like, I wrote that, we are having the same issues here…

  44. Patti Lauria says:

    Patti Lauria Escrow Officer/Painesville, Ohio
    One of my favorite Realtors sent me your Link, you guys are awesome :) It's a relief to hear that so many others are having the same thoughts that we are having… This has just added more stress to everyone involved……..I just want to say to Craig Lucker of Puppy Realty…. Thanks for all the Cash deals you bring to us…

  45. What horrible thing did Realtors do to cause the birth of TRID. AND how many times did it happen? I think it is BS.

  46. I hae to agree with Mike Kelly.The change will be fine.

  47. Katy Parsons says:

    I think that my biggest issue for 2016 will be encountering too may real estate agents that think the answer to EVERY question must include the number of years they have been in the industry.

  48. We're closing within 30 days every time, no problems with TRID other than trying to get the title companies on the same page but in the end it's been working out, closing on time. Are you signed up with my company? If not, contact me and we'll help you get it right.

  49. Michael Shaw says:

    Yes but my first trid loan went elsewhere…I like uwm though

  50. Daran Baloga says:

    I am an Account Executive for United Wholesale Mortgage, and we have been having a lot of success with TRID. On average, my brokers have been closing their loans in 20-22 days, and since we do not wait until the CTC to issue the CD, most of them end up closing and funding their loans the same day or the next day. I have heard a lot of nightmare stories from my brokers regarding loans they had to send somewhere else, but TRID does not have to be that difficult if you have the right lender to guide you through it.

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