How TRID can be a great motivator

by MPA01 Apr 2016

Over the last few years, TRID has been an absolute nightmare for the mortgage industry. First, there was the preparation. We invested more money into staffing for compliance and technology that was necessary to meet new standards. Then, there was the implementation -- which we're still working through. Still, there's confusion on whether or not standards are being met in individual cases. Most of us would say that we would have been better off without TRID.

That being said, we can look on the bright side. If nothing else, TRID has served as a motivator for us to invest in new processes that we may have needed all along. The urgency created by TRID caused many organizations to redefine their systems to create greater efficiencies in everyday operations. We all want to use best practices in the industry, but sometimes we just get too caught up in the day-to-day problems without concerning ourselves with major overhauls. Like it or not, TRID did give many of us a much needed push toward change.

As more regulations come upon the industry, we need to keep a positive perspective. That doesn't mean that we don't fight unfair regulatory standards. Through the proper channels, we should always push back for the betterment of the industry. But, when regulations to come into effect, we should take advantage of the opportunity to redefine our ways of doing business. There's always an opportunity to improve -- let's continually be on the lookout for those opportunities so that we can seize them when they present themselves...

Poll

Is TILA-RESPA a good or bad thing long term?