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Critical loan defects spike – thanks to TRID

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Mortgage Professional America | 06 Sep 2016, 12:20 PM Agree 0
Mortgage defects are on the rise – and TRID is the cause, a new report concludes
  • Michele | | 06 Sep 2016, 07:41 PM Agree 0
    This isn't surprising. TRID has succeeded in complicating the disclosures, driven up costs and further confused the consumer. This was not a benefit to the consumer.
  • Griff | | 07 Sep 2016, 11:16 AM Agree 0
    Michele's reply is succinct and correct. I just closed a mortgage after torturing the buyer for 7 weeks over appraisal issues (caused by amc's using the cheapest appraisers in the market). This buyer would have loved to not spend an additional 4 days due to TRID on motel, eating out, etc. costs. Who the He
  • Griff | | 07 Sep 2016, 11:17 AM Agree 0
    To finish, Who the HECK is TRID helping?
  • David A | | 08 Sep 2016, 02:34 PM Agree 0
    TRID has risen to the level of inefficiency. The confusing closing disclosure makes no sense to anyone who tries to explain where the numbers/costs are coming form and how any credits get applied. Nice job taking a 3 page document and making it simplier by adding 3 more pages.
  • KT | | 20 Sep 2016, 08:21 AM Agree 0
    It's a joke. You call for guidance and they won't give it, but are fast to slap your hand when you fall short. How is anyone to succeed in an environment where the rule makers won't tell you the rules. They only punish you when you don't meet their requirements. Everyone I know is working hard to comply but it's more than difficult in this type of situation.
  • lnm | | 20 Sep 2016, 04:47 PM Agree 0
    TRID is a CYA tactic.
    The old hud-1 were fine.
    I Sell real estate and this has been a nightmare between the 72 hour disclosure rule, estimating total costs of inspection, appraisal.
    Have not had any bad appraisals but probably just been lucky on that.
  • Weis1682 | | 21 Sep 2016, 05:24 PM Agree 0
    I love how on the LE and CD they count prepaid items as "closing costs." Here in IL, we have extremely high taxes, so sometimes escrow funding at closing is $5-$10K or more. The federal government considers escrow funding for taxes to be "closing costs." Wow.
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