"MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process," MBA president and CEO David Stevens said in a release. "Our industry has been preparing for these changes over the last several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules."
Brokers have been preparing for months leading up to the October 3 deadline, with many predicting delays.
“The new TRID, the repercussions of the rule and what it could mean for us is a frustration; we’re fearing closing delays,” Jason Crigler, a mortgage broker with Crown Mortgage, recently told Mortgage Professional America. “Every lender is going to have their own process and those processes could be varied.
“Understanding how they all work will take some time and there will be a learning curve.
The MBA resources include a one page cheat sheet that is meant to help clients better understand the new rules, a one page document for brokers that focuses on what players can do to avoid file delays, and a powerpoint presentation meant to be used as an overview for offices to train originator employees.
Click here to access the resources.
Industry players are preparing for the TRID learning curve that will surely mean file delays, and one industry association has provided some last-minute guidance for brokers to help them prepare.