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Industry group demands clarification on TRID

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Mortgage Professional America | 01 Apr 2016, 10:47 AM Agree 0
A group of mortgage investors is demanding a new public comment period and further clarification for TRID, which it says is having a chilling effect on the mortgage market
  • mlo | | 01 Apr 2016, 02:38 PM Agree 0
    As stated before .. you will never get the CFPB to ease the pain .. the whole creation of their existence is to fine and penalize. Anyone associated to the lending industry can clearly see that TRID was not designed to benefit the consumer. We had tools and disclosures that covered the needs of the consumer for decades that were very efficient. Now a convoluted mess has been enforced only to cripple an industry that is very vital in keeping the dream of owning real estate alive.

    TRID is the CFPB's means to create revenue via fines and penalties
  • Myra White, Realtor | | 01 Apr 2016, 02:53 PM Agree 0
    Mr. Cordray and his well intentioned colleagues need to hear only one thing: TRID is not serving the consumer well. That's what they care about and that's what they need to hear. The mirage industry feels intimidated by the myriad of regulations and their uncertainty about making mistakes. Sales are late to close, now more the rule than the exception, and buyers and sellers are inconvenienced at best. Their lives are thrown into chaos st worst. This was never the goal when everyone realized better regulation was in order. Simplify, listen, communicate, fix. Just do it.
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