TRID impacting fulfillment centers

by Justin da Rosa06 Jan 2016
More originators rely on them to help facilitate deals following increased disclosure requirements; so much so that it’s creating delays, according to one professional.

“I was prepared for TRID so it didn’t blindside me; the issue, though, is full-fulfilment centres have been inundated,” Keith DeLatte, president of InterTrust Mortgage, told Mortgage Professional America. “In many cases when dealing with them, the turnaround for receiving closing documents has increased and it’s being compounded by TRID.”

Originators are likely increasing their reliance on fulfillment companies in a bid to alleviate some of the documentation requirements they now have to juggle in light of TRID’s more strenuous disclosure rules.

And Delatte, who usually puts 80% of his files through these companies, has noticed the influx bogging them down.

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.

But that extra review time has also resulted in delays.

And it isn’t just fulfillment companies causing delays.

“The biggest TRID frustration is between closers on the lenders side and paralegals in the attorneys’ offices, and they are the reason for delays in getting the closing documents out,” Rick Gilbert, owner of RatePro Mortgage, told Mortgage Professional America in late 2015. “That document has to go out three days prior to close, which means attorneys can no longer make last minute changes.

“The closer and the paralegal need more openness between them and quicker responses.”


  • by Mtg guy FL | 1/6/2016 1:33:26 PM

    This quote at the end of this article is the reason for the TRID delays and Frankly is incorrect.
    "That document (the CD) has To go out 3 days prior to close so attorneys can no longer make last Minute changes"

    That statement is incorrect and it is this incorrect thinking that is really causing delays. The CD that has to go out 3 days early can in fact have many minor changes in the 3 days or even at closing . That is the problem here, many people think the CD sent 3 days ahead has to be final down to the penny, NOT TRUE. Sure there are fees that cannot like origination, and other hard fees but most fees can change like escrows, insurance etc. Most fees that can't Change could not change on the old GFE either, this isn't really that much difference in what fees can change. Simply issue a CD when the file is approved and you are at a point where none of the fees not allowed to change will not. Disclose a CD as soon as possible, you do not need the exact final CD sent 3 days in advance.
    The biggest problem is that people think that you need to send a final CD down to the penny. The author of this article has quoted someone saying this same thing. They are incorrect. you can make minor changes to the CD even after the CD has been issued to the borrower as long as it's an allowable fee that can change. Stop making this so difficult people!!!

  • by mlo | 1/6/2016 1:58:53 PM

    the best remedy is get rid of TRID get rid of CFPB .. go back to when the original GFE was used (now called the "fee sheet") everything that a consumer needs to know regarding the financing costs, fees, and payments is there , on one page and easy to understand.

    so typical of the government's approach .. make is to complicated the consumer will never understand.

    also .. TRID is not a level playing compliance when comparing broker vs correspondent or direct lender ... the fact that the CD requires the broker to disclose what he is getting paid and the correspondent lender or direct lender does not only leaves one to question why do you have the discrepancy?

  • by TRID SUCKS, BUT IT'S THE LAW | 1/7/2016 8:50:46 PM

    Yeah, the only thing a law office could do to delay the advanced TRID going out is to not tell the lender their fees. That's the only number the attorney controls that cannot change. Anything else is an excuse by a slack lender.


Is TILA-RESPA a good or bad thing long term?