A recent story about the costs incurred by clients as a result of the TRID implementation kicked up quite the stir among the originator community. These are the four angriest comments, each giving vent to the frustration of many originators.
The whole thing is just absurd. Who on Earth thought this would be a good idea? And shame on the people in the room with him for not having the courage to speak up and say, "Ah, no. That's a dumb idea. Not only will it never benefit a single consumer, but it will harm consumers. You obviously have never taken out a mortgage yourself, so you don't understand the process. Next idea please..."
Government is always the problem and never the solution!! Mommy government knows best. I think the entire industry should go on strike and not write any mortgages until this is repealed. Unfortunately, the big banks will never comply since they are in bed with the politicians and regulators.
- Game Over
Customers care about three things, rate, payment and cost. TRID not only overcomplicates the whole process but makes it NO easier than a TIL (which was really a perfect document) to interpret the financing one was offered. I hate it, will continue to hate it, and my clients are angrier and more confused than ever. GREAT JOB … !
- Angry MAs
I agree the entire mortgage process is now so convoluted that it is beyond absurd. The CFPB rolls out these new requirements costing clients thousands due to longer locks and additional lender fees to cover the extra cost of this mess yet allows … real estate brokers the right to steer business and collect additional monies in the form of kickbacks called marketing agreements. It is amazing!
- Community Bank Lender
Mortgage Professional America’s comments section is a place for industry professionals to rant, rave, and generally sound off on the issues facing the channel today. But nothing has stirred up a fury quite like TRID.