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Originators not to be blamed for TRID delay

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Mortgage Professional America | 20 Nov 2015, 06:30 AM Agree 0
Better communication between two industry service providers is needed to avoid TRID delays, say professionals
  • John Rogers | | 20 Nov 2015, 04:48 PM Agree 0
    If you think that is a problem, you should be on the NSA end of the process...getting calls at 4:30 pm e.g. for a 5:00 pm closing is ridiculous; printing out two sets of 150+ pages, reviewing them, travel to borrowers' homes, et al. These delays, last-minute calls, causes signing agents to lose assignments or take the brunt end of the H.O.'s frustration or all the above. If NSA's are making errors or cause omissions, a major part of the problem is lack of notice about the assignment and rushing to get the assignment completed and docs shipped back (and/or faxed back) in a timely manner. Sets us up for failure! In addition, sending out "cattle calls" via computer is inefficient; if traveling or at the table with H.O's, professional NSA's are not likely to answer calls disrupting the closing process. This means a high loss of assignments or behaving rudely at the closing table. Whoever schedules closings needs to be held responsible for closing problems with last-minute calls. jer/oh
  • mlo | | 20 Nov 2015, 04:49 PM Agree 0
    A mess is what it is ... absolutely ridiculous imposition of clerical antics that serve no purpose other than wasting critical time. In addition this whole process only costs the consumer more money than ever before. Longer closing periods dictate longer lock periods in which result in more expense to the borrower. It is a crime that the government can get away with heavily monitoring and industry with out imposing the same process on all industries throughout the United States.

    It is typical of a system that is reactive rather than proactive. TRID is a result of loose lending practices that took place over a decade ago. We do not have those conditions anymore and those MLO's that victimized the consumer are long gone.

    TRID needs to thrown in the trash .. that would be the most effective process that will save the consumer money and confusion. Go to the original 1 page GFE that had all the elements that a consumer would be concerned with regarding costs and details of their mortgage. Easy to read , easy to understand

    However we will not see a change since the big banks are behind this whole game with the intent to choke out the small lending firms.
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