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Professionals discuss TRID closing

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Mortgage Professional America | 09 Nov 2015, 06:30 AM Agree 0
It’s been over a month since TRID passed, and originators across the country have now had to deal with closings. How have they faired?
  • Viva la Revolucion | | 09 Nov 2015, 01:32 PM Agree 0
    What a joke.
  • Stephen Butera LO | | 09 Nov 2015, 01:52 PM Agree 0
    That is true, the framers of TRID were not thinking of the Fringe person, only the top 25-33%...
    What if a client is not tech savvy, many people are not. This is forcing a system of technology on
    consumers, really, just want a fair quote.

  • Mary E Russell, Mortgage Results | | 09 Nov 2015, 02:36 PM Agree 0
    I have yet to close one, but as usual, it seems we forget who our customers are. They are paying and have to adhere to banks. Something is definitely wrong with this picture! mer
  • ScrewedMeGood | | 09 Nov 2015, 07:17 PM Agree 0
    With Each Change, we spend effort, time and money to remain compliant -from attorney's fees to ensure compliance to updated technology, and then have to provide training for all to know how to use it. We no sooner get it done, get rid of the tech bugs, and start to have smooth closings again and the change the rules and laws again. I have come to realize that its either to get every small to medium player out since they can't control the money bleeding OR it's a scam to keep getting more and more money either on the changes or in fines or bribes for those that can't keep up! So much for the American Dream of business ownership. You have succeeded at closing more than 70% of lenders/brokers, pushed more than 80% of LO's out, gotten rid of the best n most experienced appraisers and all while almost doubling the cost to the consumers who you were supposed to be helping. I think everyone could have done without this 'help'. The mortgage industry is all but ruined.
  • Busy LO | | 09 Nov 2015, 08:35 PM Agree 0
    Wow, the whining just continues. We were ready for TRID and it hasn't been that bad. Probably easier than the 2010 HUD changes. Talk about a monopoly, in my state the appraisers license board has made it next to impossible to get a license. Yes, we have lost good people but a lot if us are just rolling with the changes which are a constant in our industry. If you don't like change, find another career. And I'm tired of hearing that Seniors aren't tech savvy. They have nothing but time and a lot of them love technology. I have many as clients that would be offended by that characterization!
  • Nancy Viejo, American Mortgage Associates Inc | | 10 Nov 2015, 09:42 AM Agree 0
    I am a Broker/Owner. And I totally agree that we have the hardest job, as every lender has a different way of doing this process. Its only easypizzy for those with only 1 system and set of rules. I just spent 7 hrs trying to get an LE done with a new lender. That was a whole day shot at getting any new files. Before TRID I spent many hours on webinars with various lenders. One person can only remember so much and I feel wholesale lenders are struggling too if they do not have an online system for us to use. Its a huge cost for everyone. I too think its a money grab for the CFPB in the future. It took 10 years for lenders to finally underwrite to guidelines without overlays and it took about 2 years for wholesale to all get their act together on the GFE. Not sure how long it will take on this change. Get written customer feedback with every deal. I am compiling information to take to my US Congresswoman for an appointment so that she can see for herself what we have to do.
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