Is TRID still a concern? It depends on who you ask

by MPA09 Nov 2015
For much of last year and earlier this year, it seems like the TILA-RESPA Integrated Disclosure Act dominated much of the conversation that was going on in the mortgage industry. Everything was about preparing for TRID. Industry professionals have had to invest heavily in technology, training, and recruitment – among other things – to get ready. So, now that TRID has officially been implemented, should it still be a concern for the industry.
 
The answer to this question may very well depend on who in the company you ask. On the November 2, 2015 episode of my Lykken on Lending Internet radio show, my colleague Alice Alvey explained how different departments are divided when it comes to the importance of TRID. Many loan originators are beginning to think that the hype has died down, but those who work in operations tell a different story. TRID may be just as important as ever -- its impact has simply now shifted from the front end of the business to the back end.
 
As we move forward with the changes that TRID has brought, we need to shift our focus from getting compliant to staying compliant. While I do think it's true that regulators have bigger fish to fry right now with the build up to the election and a new administration, an audit can still happen at any time and we need to be prepared. TRID still matters, and we need to continue to make sure we know the protocols and are following them. It's Murphy's Law: the moment you let down your guard is probably going to be the moment you face an attack.
 

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