By David Lykken, Special to MPA
In recent weeks, there has been much speculation about whether or not the implementation of the pending TRID rules is going to be delayed. With a little over 20 months given to the industry for preparation, some are saying that we should all be ready. With the amount of change involved in the TRID act, though, others are saying that is really isn't enough time.
Vendors in particular have had a particularly difficult time adjusting to the TRID rules. Major changes in software and technology are needed in order for them to survive. On the one hand, this is a lot of work that costs vendors a great deal of investment. On the other hand, the vendors who are able to be nimble enough to prepare the fastest will have an edge over their competitors.
As vendors scramble to develop technology for the new TRID rules, we might ask ourselves, "What's in it for us?" What does this technological arms race provide the originators and services of the mortgage industry? I think a potential upside to the industry having to deal with TRID is the inevitable innovation that will come from vendors refreshing their technologies.
Bringing the technology up to TRID standards, vendors may notice other little tweaks that they would not have otherwise seen. This summer, when we begin to see vendors introducing their new TRID-friendly programs, we may be pleasantly surprised by the wealth of new technology that we see come to light.
A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently, he started producing a one-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across the United States.