“We’ve had seven closing so far and they haven’t gone as well as we’d hoped,” Russ Glines, a broker with Century Oak Financial told Mortgage Professional America. “As a broker, we have to deal with several lenders and each of those lenders has a different way of interpreting the new rules.”
Glines is critical of the recently implemented TRID rule, calling it government over-regulation. He also argues it doesn’t benefit buyers.
“It’s definitely affecting closing and it’s not helping the homeowner at all,” Glines said. “It’s just a mess.”
The TILA-RESPA Integrated Disclosure was implemented on October 3. The purpose of the new rule is to ensure clients have adequate time to review closing documents.
The “know before you owe” rule, as it is colloquially called, caused a stir throughout the industry, with originators wondering how the change would impact their business.
And many have already complained about closing delays.
“The rule has created hassles that require more work,” Robert Sorrells, manager of Hamilton Mortgage, told Mortgage Professional America. “It’s created more hassle for buyers as well with the e-consent [signing].”
Sorrells says clients are forced to create online ids to access various documents from lenders, and many lenders choose to send documents via email – which is a problem for certain clients.
“A lot of clients are older and aren’t very tech-savvy,” he said.
The true effects of TRID wouldn’t be felt until brokers experienced their first closings in a post-TRID world, according to industry professionals, and now that many have dealt with them, how has the experience been?