“We’re extremely well-prepared for TRID. We’ve been preparing for this for eight months,” said Tom Shaw, senior vice president of marketing for Carrington. “We’ve had internal training that’s been happening consistently all year long, and it’s been thrown into high gear since August. But most importantly, brokers need to be educated. And that’s the toughest thing we’ve been finding in the marketplace.”
Shaw said brokers often have so many balls in the air that it’s difficult for them to find the time to research the new regulations on their own. That’s why Carrington is offering its brokers resources to help them keep compliant.
“Mortgage brokers are so busy – they’re worried about their business, they’re trying to make everything happen – that we put together a TRID resource center on our website,” Shaw said. “We’re doing regular webinars on the hot topics of TRID that they need to know.
“It’s been a bit of a moving target over the last few months – what do they mean by X, Y and Z, and what don’t they mean? Knowing that is key,” he said.
“We’ve also got general TRID webinars on how to work with Carrington. Some lenders interpret the TRID changes a little differently. For example, Carrington is doing the disclosure for brokers, and brokers need to know that. They also need to know that they need to get their full documentation in before we disclose. Other lenders may do it differently. So we put on webinars to make sure our brokers are educated not only on TRID, but to make sure they can get loans done with Carrington.”
But brokers – whether they work with Carrington or not – need to be prepared to operate in the new regulatory regime, Shaw said.
“It’s not operating the way it used to, and brokers are going to get caught short – especially if they’re not planning and don’t get educated,” he said. “If they’re not working with Carrington, they need to be talking to their lenders about how to work with them. If they are working with Carrington, they should get on our webinars and talk to us. We want everybody educated to the nines on this. We’re really happy with our position in the market, and we’re really trying to be the thought leader and make sure everybody’s educated on this.”
With the TRID disclosures taking effect so recently, many brokers may still be confused about the rules. That’s something Carrington Mortgage Services wants to change.