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TILA-RESPA working?

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Mortgage Professional America | 25 Jan 2016, 06:30 AM Agree 0
December sales suggest TRID is paying off, according to one agency
  • Anon | | 25 Jan 2016, 11:45 AM Agree 0
    I seriously do not think TRID has anything to do with increased sales. I am sure they would like to take the credit and probably will, clients are going to purchase with or without TRID, however TRID just makes them angry due to delays still being seen.
  • Anon | | 25 Jan 2016, 11:56 AM Agree 0
    Right on.
  • A LO | | 25 Jan 2016, 12:04 PM Agree 0
    Is this closings? Well ya then... Duh... Many November closings were pushed into December, spiking December numbers. Seems just a week ago I read an article saying Nov sales were down because of TRID. Whatever... TRID is a joke. Reminds me of the T2K scare. Hsn't effect my company's closing at all.
  • Griff | | 25 Jan 2016, 12:34 PM Agree 0
    What has TRID to do with it? How on earth would TRID increase sales. That is the most ridiculous thing I've ever heard. TRID has slowed down closings. I have a borrower ready to close last week living in a home with no heat in their current rental when temps are as low as 7 degrees. How much do you think that buyer would like to have closed the same or next day after approval? I have one lender who can close the same day because of how they handle disclosures. I have another that makes the borrower wait 5 days after approval. TRID cannot increase sales. Period.
  • Doug | | 25 Jan 2016, 01:29 PM Agree 0
    Only a Realtor would say this!!!! Nationally the Mortgage Industry has only hurt the borrower's thru cost and time, 3 day for this 3 days for that.
  • | | 25 Jan 2016, 06:32 PM Agree 0
    TRID is an absolute disaster. How can you say it's a success when you have three months of built up demand finally closing after lengthy delays in December. The secondary market is also causing a massive liquidity crunch on available credit right now because they aren't buying mortgages. Can't wait until congress grills Cordray over the liquidity crisis this rule caused in the 4th quarter of 2016.
  • | | 26 Jan 2016, 07:38 PM Agree 0
    I agree!
  • average joe | | 28 Jan 2016, 09:11 AM Agree 0
    TRID is a disaster and a joke, making the mortgage process more confusing than ever before, confusing enough that half or more than half of 2015 mortgage con ed was devoted to explaining it to mortgage officers, and how they could explain it to the consumers... Explaining it industry professionals who are already licensed!??? TRID and the CPFB are the result of Dodd-Frank, and address issues in the Mortgage Markets that no longer exist... Delays, additional costs, layers of red tape. it is more confusing than ever, and consumers pay the price... MY take, all of this DOES and will continue to affect the consumer adversely, and help lenders justify higher costs to the consumer...

    Much like the Appraisal Management Services, who do little more than act as middle-man between lenders and the consumer, raising costs to the consumer and simultaneously taking money from the appraiser who provides the service.

    one more example of government intervention that benefits no one but those employed in the new venture CFPB and AMC's.
  • average joe | | 28 Jan 2016, 09:26 AM Agree 0
    By the way, the mortgage melt down could happen, and did happen, because lenders, and mortgage underwriting became more and more "flexible" Countrywide came out with their stated income mortgage program, and Fannie and Freddie also came out with stated income mortgages... so, what did mortgage officers do?,,. they sold mortgages that were underwritten to Fannie and Freddie guidelines... and then Fannie and Freddie bought a bunch of them...

    the US economy slowed down, factories shut down, and unemployment happened! I believe we would have seen a similar mortgage melt down even if NO Stated Income mortgages had ever been written... No one in modern times, except perhaps a few old timers still around from the Great Depression (and post Great Depression) ever imagined property values would decline... they all figured hey, a 90% LTV mortgage, will only be 90% for one year, because property values will appreciate each year and lessen our risk...

    Facts are that we live in and have lived through economic cycles... that will continue until the end of times. Dodd Frank or none, CFPB or none, AMC's or none,,, the consumers have and will benefit from free markets, supply and demand, and good credit gets you a better mortgage and a better rate.

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