"I think it was a Y2K analogy where expectations of the worst happening just weren't there," David Stevens, president and CEO of the Mortgage Bankers Association told CNBC
article states industry players feared delays that never seemed to materialize. However, that hasn’t been the word on the street among mortgage originators.
Dana Bain, an originator with Premiere Mortgage Services, told Mortgage Professional America there have been several delays following TRID.
“There has been a lot of aggravation and a lot of money spent on compliance; the issue isn’t with the new disclosure documents, it’s with the compliance and the date requirements that result in delays,” Bain said. “Consumers are getting frustrated as well.”
It’s a different picture than the one painted in the original CNBC
However, a number of originators have engaged with the author of that article, Diana Olick, on her Facebook page to share their experiences.
“Members of MBA, Realtors and closing agents across the country have contacted me about the problems. These are major problems with implementation and consumer confusion,” Mark Savitt, president of the National Association of Independent Housing Professionals and president of the Mortgage Center, wrote to Olick. “The mandatory three day waiting times, especially on refinances are not sitting well with consumers.”
Olick shared her own response, after receiving a number of comments from industry professionals.
Obviously TRID is frustrating, obviously it is causing some delays, and of course it will take longer to play out, but when the (NAR) and the (MBA)… both say that they're not hearing many complaints from their constituents a full month after the (regulations) went into effect, then that is worth reporting,” Olick wrote on her Facebook page. “These are the guys who spent a ton of money lobbying to have it delayed. I talk to mortgage professional
s every working day, and they're not complaining that their business is destroyed.”
The recently implemented TILA-RESPA disclosure rule change has been met with frustration by originators across the country but that frustration is being exaggerated, according to the head of a leading industry association.