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Are TRID closing delays over?

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Mortgage Professional America | 23 May 2016, 06:30 AM Agree 0
According to Ellie Mae, average closing times across all mortgage types are holding steady at the shortest times in more than a year. But closing times for some types of mortgages are rising
  • John Paul | | 23 May 2016, 11:20 AM Agree 0
    The TRID disclosures are fine. The 3 day waiting period is creating chaos and increased stress with all parties involved. In Seattle, WA we do not get the luxury of a 45 day close. We are seeing multiple offers on almost all home sales and must close usually with 30 days or less for the seller to even look at the offer. There is not one buyer who appreciates the 3 day waiting period to review final mortgage numbers. They all complain. So much for consumer protection when it actually is hurting the group it serves to protect.
  • Emil | | 23 May 2016, 12:00 PM Agree 0
    Just to add above comment. When buyers remove all contingencies within 21 days of contract date, they pretty much move forward with the sale and adding this 3-day waiting period adds to everyone's stress. Also if you add in per diem charges by the seller, this TRID is looking like it is costing more for the borrowers. We don't need this 3-day waiting period as initial disclosures and previous Good Faith Estimates were strong enough for borrowers to make inform decisions. The 3-day recession period for owner-occupied refinance is also good enough and don't need an extra layer of 3-day waiting period as most cases, the borrower will need to extend rate lock and will cost the borrower more money. The regulators who created this rule did not account for rate locks, contingency periods for purchase mortgages and per diem charged by sellers. Also they did not add to the fact that all owner occupied mortgages are full docs and will take the longest amount of time to close due to the diligent review of the underwriters. If this TRID was used to compare costs with other lenders or brokers, then you already have the TIL to use. This TRID is an overkill to the mortgage industry!!!
  • Griff | | 23 May 2016, 12:06 PM Agree 0
    John Paul is exactly correct. Borrowers do not appreciate the 3 day wait period. I have one I am closing today one day past the closing date on the contract. The borrower very much appreciated waiting until the condo was approved before ordering the appraisal, as a result there was little time for corrections when the appraisal came in. Add the 4 days needed to get a correction to an appraisal and back into the queue for review and then 3 days for TRID we missed the closing date. Will the borrower and seller remember why? Nope. They wanted to close on Friday. Did the borrower get any new information 3 days ago? Nope. Just cooling her heels until the wait period is over.

    Having said this no one will make the cfpb aware of the real world. Buyers, sellers and real estate agents just close it out and move on after the nightmare is over. Who gets tagged as the bad guy? The broker of course.
  • mlo | | 23 May 2016, 12:45 PM Agree 0
    TRID was not designed to please the borrower or anyone else for that matter .. it was and is designed to be a secret tax that government is enriching itself by through penalties and fines on mortgage originators.

    Mr. Ryan Smith .. try pushing your journalism talents to have the CFPB explain why they so proudly enforce policy that they claim is to create equality and fairness where the whole TRID process is not ... have the powers that be explain why there is total discrimination against the mortgage broker versus the correspondent or big bank lender ... why is it the very entity to create a equal playing field makes the broker disclose what they are making on the CD and the correspondent and big bank lender does not ? .. inform the consumer how this is not an unfair policy ... total hypocrisy and garbage!!!
  • BD | | 23 May 2016, 03:27 PM Agree 0
    There are some companies that get a head start and disclose the CD prior to getting a clear-to-close. Risky yes, but it allows them to get the CD out and have their waiting period covered in advance.
  • GS | | 02 Jun 2016, 11:22 AM Agree 0
    I thought TRID added no increase in closing times per CFPB and everything was great?

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  • Weis1682 | | 15 Sep 2016, 10:23 AM Agree 0
    My biggest problem is getting customer to e-consent... many of them can't figure out the e-disclosures and we use Encompass. Any tips? But yeah, just more government getting in the way frustrating clients and us. More hours spend on a file means higher fees over the long run.
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