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The most-qualified objector to TRID speaks out

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Mortgage Professional America | 13 Oct 2015, 06:30 AM Agree 0
A lawyer who teaches a course on TRID preparedness argues a hold harmless period is required
  • We love TRID! | | 13 Oct 2015, 12:28 PM Agree 0
    Maybe because president O'robyomamma hasn't a clue about mortgages, or much else for that matter?
  • jlm | | 13 Oct 2015, 12:42 PM Agree 0
    How about doing away with the TRID all together .. it is so pathetic that individuals who think they are so intelligent cannot come up with a system that is easy and consumer friendly ... big banks are getting their way as they methodically try to squeeze out the small entity. 28 years of experience in the lending industry and the original good faith estimate that was one page and the borrower signed was most effective and efficient. On one page you had all the details necessary. but no , we have egomaniacs re-writing an industry that they no nothing about nor have any experience with .

    The paper work has become so convoluted that the average consumer cannot and will not understand. Get a clue ... there will always be those predatory types in the industry but by far the majority try to do a very fiduciary job on treating their clients.
  • | | 13 Oct 2015, 02:39 PM Agree 0
    Consequences of TRID:

    1. extended processing times
    2. higher closing fees (attorneys are doubling their fees in my state) that will be passed on to consumers
    3. closing delays
    4. less transparency from bad actors
    5. higher per mortgage cost that must be passed on to consumers
  • Really | | 13 Oct 2015, 03:00 PM Agree 0
    this doesn't impact the AMC s and they too have jumped n the band wagon to raise all their prices on appraisals. Come on. Really?
  • Yes Really | | 13 Oct 2015, 07:43 PM Agree 0
    Really,

    Do you have a clue why AMC's raised there prices? Let me give you some information that you apparently don't have about what impacts AMC's. Before TRID you order an appraisal that became complex and the appraiser needed an extra 100 dollars because its a horse property on 25 acres in the middle of rural USA. The AMC's then went back to you and asked for more money as it is now a complex assignment that no one was aware of when you quoted the borrower 350 dollars for an appraisal. At that point you called the borrower and said it was going to be 100 more than previously thought or you picked up the additional fees for the borrower which was very commendable. Now fast forward to current TRID and the same scenario. Do you want the AMCs to come back and ask for more money? Before you answer what would the additional fee increase do to the process in relation to TRID? In order for you to comply with TRID you have to draw up new disclosures because the fees for the appraisal changed, send them out, wait for the proper time to elapse, draw up new docs and pray the deal still stays together? I didn't think that's what you wanted; therefore, most AMC's raised their prices to cover upcharges so you can still close your mortgage on time without additional disclosures being required. The AMC's will absorb the upcharges and yes this happens more than you think, so no its not profit generated.
  • db i | | 13 Oct 2015, 11:11 PM Agree 0
    bureaucratic idiots protecting a created job for themselves
    no logic in this at all
    will cause the buyers to focus on 30 year repayment of interest and principal...that should scare the hell out of them to not wanting to sign their lives away
  • Even Keeled | | 14 Oct 2015, 12:53 PM Agree 0
    The excellent foresight expressed in the Comments section is why it takes a cataclysmic event to effect regulatory change in this country.
    1. it is always (insert current President's name from the Opposition Party here)'s fault
    2. Consumers are too dumb to think for themselves so why should there be clarity between a quote and a close?
    3. Just stay out of my way until the next cataclysmic event.

    The funny thing to me is that the same people who tend to rail for the free market apparently don't trust it to sort out those who can comply with those who cannot.
  • ISABEL OMALLEY | | 15 Oct 2015, 06:27 PM Agree 1
    BEING APPRAISING FOR 30 YEARS, MY FEES ARE GETTING LOWER BY THE MINUTE AND JUST GOT WORD THAT MY FEES CANNOT BE INCREASED BECAUSE THE TRID IS IN PLACE. DON'T UNDERSTAND THAT BS SINCE WE DON'T DO BUSINESS BASED ON TRID BUT ON WHAT IS A FAIR FEE BASE ON TYPICAL FEE FOR A TYPE OF PROPERTY IN A PARTICULAR AREA. DO THEY MEAN THAT A 3 BEDROOM HOUSE IN THE LEAST EXPENSIVE AREA OR $350 FEE IS THE SAME AS A 6,000 SF HOUSE IN THE $18 MILLION RANGE IN THE MOST EXPENSIVE AREA? SOMETHING IS WRONG HERE OR MANY AMC ARE CONFUSED WITH THE TRID.
  • bri | | 16 Oct 2015, 03:18 PM Agree 0
    Isabel,

    If the AMC told you that you can't increase your fees I would drop them immediately. TRID has nothing to do with what you get paid to complete an appraisal.
  • Viva la Revolucion | | 16 Oct 2015, 03:45 PM Agree 0
    What jlM said.
  • KAS | | 19 Oct 2015, 06:16 PM Agree 1
    That is what I keep saying: the original 1 page form was complete and understandable. They actually think the consumers are dumb!!!

    That the consumer can not read - see the column of numbers etc. The TIL handled the rest!

    Perhaps it is because I am an honest, ethical person and I value my clients who are also intelligent.... all Frank /Dodd is doing is driving us all nuts!!! Can't they get a real job - that helps the economy, of where they themselves are watched, and audited and fined heavily....have they written mortgages in their very recent lives. Sorry, ha - they feel like mobster....in for the bucks and the power.
  • Veteran Lender | | 23 Oct 2015, 10:55 AM Agree 1
    You know every time these idiots come up with something that is supposed to benefit the consumer...what it actually does is the exact opposite of of what was intended. This has happened time after time starting with HVCC and now we have this abomination called TRID. My first set of clients had NO CLUE what they were looking at and asked what happened to the Good Faith Estimate (this was a refi from a purchase made 8 years ago). I explained to them the Loan Explanation or LE was a combination of the Good Faith Estimate and the Truth and Lending that they were accustomed to seeing. My clients looked at me in disbelief like this was some kind of bad joke being played on them. I showed them the different area's and explained what fee's they could shop for and again they stopped and looked at me in disbelief. The mortgage process was already difficult enough and the costs to the consumer where high. All this Government meddling has done is raised costs, lowered lenders abilities to take care of their clients, and created work for more attorneys who are also now doubling their fee's for having to deal with this mess, er, ah, excuse me, I meant to say Loan Explanation. One can only hope that a Republican is elected as President and gets rid of the CFPB.
  • Johnny | | 24 Oct 2015, 08:26 PM Agree 0
    Has anyone took a recess and just considered the fact that all the epa, cfrp, trid ATTP along with so much other intervention in america's business process that it is ISLAMIC SHARIA FINANCE AND LAW. Are these lawyers that stupid they cannot realize whats going on in america...??????
  • Griff | | 27 Oct 2015, 10:39 AM Agree 0
    TRID itself is not all that bad. The problem is the cfpb has no idea of the home financing process. Consumers are more uneasy when they are given page after page to read, which now they mostly have to do online and on their own. The papers individually are not difficult to understand, there are just too many of them and everyone from the bottom up had to retool for them. The core problem is that the cfpb has the authority to turn any consumer purchase on its ear. Pretty soon almost everyone will be working for a Washington agency dogging one another about every day decisions. Instead of focusing on the problems on wall street and in banking they went right for the bottom of the heap. Much like they did with the appraisal issue. Just put a bunch of really good guys out of business and hand over the day to day appraising to the least qualified laziest guys. Just give consumer choice back to the consumer and if someone breaks the rule punish them. Not the 90% who are following the rules.
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