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At least one aspect of TRID appears to be working

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Mortgage Professional America | 17 May 2016, 07:00 AM Agree 0
The CFPB’s intent with TRID was for customers to ‘know before they owe.’ And a new survey indicates that more homebuyers are reviewing their mortgage documents prior to closing
  • unbiased | | 17 May 2016, 12:22 PM Agree 0
    the reason why they may be reading the CD is not due to any positive of TRID ..but rather they are confused by all the LE's and CD's that get sent out that they feel compelled to pay attention ... just recently I have 3 different CD's sent by a lender right before signing docs .. at closing the borrower requested that I inquire of the lender why did he receive 3 different CD''s all of which contained different bottom line figures ... TRID is a joke and a disaster ... the whole approach carries the façade that this is protection for the borrower .. the only purpose is a silent tax by the government in the name of fines and penalties.
  • John | | 17 May 2016, 08:57 PM Agree 0
    Where was the survey DONE? who pay for it? perhaps sponsored by CFBP? the TRID is not bringing any knowledge to home buyers, what is bringing is confusion and uncertainty. ESCROW companies are not informed or educated about TRID but they are still forced by seller's. SPL's are a joke, everybody knows the buyer does not have a chance to choose ESCROW nor TITLE providers. I am surprise with the survey.
  • Captain Obvious | | 17 May 2016, 10:46 PM Agree 0
    Hmmm, lets see.

    Before TRID, borrowers review of the HUD was optional prior to closing.

    After TRID, borrowers must acknowledge the receipt of the Closing Disclosure 3 days prior to closing.

    Conclusion: More borrowers are reviewing their mortgage documents prior to closing. OooooooooK
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