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Lender welcomes TRID

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Mortgage Professional America | 15 Jul 2015, 08:50 AM Agree 0
One originator is gung-ho about TRID and suggesting lenders should be embracing it and not shunning it.
  • Bret320 | | 15 Jul 2015, 09:41 AM Agree 0
    i agree, just what we need, more government interference in our lives and business....
  • | | 15 Jul 2015, 09:48 AM Agree 0
    Laws written by the very crooks that caused the crisis giving them more power is not a good thing.
  • Matt | | 15 Jul 2015, 10:42 AM Agree 0
    I was quite happy to see this article. In my opinion, we should stop fighting the change and start rolling with the punches. Let's just get the transition done and over with.
  • 2B | | 15 Jul 2015, 10:42 AM Agree 0
    Gerald Mindel you have absolutely no idea of the ancillary rules under TRID. This is no longer a Loan Estimate but a Real Estate Transaction Cost Contract, and you are responsible. You really need to go read all 1800 pages of TRID, and sit in on some classes, outside your own institution. Ive attended 12 classes, and they are all different.

    I worry that every banker with a net value between 1M and 25M will not survive.
  • KAS | | 15 Jul 2015, 11:09 AM Agree 0
    I agreed. Laws written by the very crooks that caused the crisis giving them more power is NOT a good thing.

    The original Good Faith Estimate (1 page) and the Truth in Lending had all the information.
    We did not need the form messed with (!) - it was straight forward and easy to understand.

    All that was needed to be done is setting out clear rules regarding the Bankers & Brokers Fee/Compensation and the use of the Yield Spread Premiums.

    The so called hailed writers of these regulations are not heroes. Having a Checker, (who do not answer to a higher authority) is criminal and abusive use of authority (leaving everyone with no protection). CFPB needs to be made to answer for their behavior and misuse of regulations and authority---they should not be above reprimand.

    As for thinning out the lenders/ brokers is a good thing comment (?) ....being able to break the profession is a poor excuse for implementing the TRID (Know Before you OWE)! Consumers are not being better protected by these CFPB policed regulations.

    Bottom line, consumers are not BETTER protected, the CFPB is cumbersome for the Broker and the Consumer --- AND a detriment to the to the profession.

    We should all be up in arms -- Have CFPB answer to a higher authority - with fines and penalties /imprisonment.
  • Michele | | 15 Jul 2015, 11:59 AM Agree 0
    I agree with Michael and Matt. This is what the public wants and we're not going to be able to stop it. Most of us were ready to roll in October. If you weren't, maybe you're in the wrong business. Change in lending is a constant. This is just another change. We'll get used to it after the first few deals and everything will go back to normal....whatever that is.
  • | | 16 Jul 2015, 08:16 AM Agree 0
    It sounds like a consumer-oriented post to say 'we're ready to comply' and 'roll with the punches' but the National Association of Mortgage BANKERS (not just brokers) has been calling for Cordray's head (as in resignation) for being so out of touch with lending and what the consumer needs are. Are you kidding: a three-day wait after signing for purchases? Already banks and wholesale push the lock date expiration and 'per diem' penalty on the buyers' heads with no wait after signing. They just want to get in and all the details are done. No one is served by this.
  • LO | | 21 Jul 2015, 12:53 PM Agree 0
    Most of the consumer complaints I hear these days is "how much more am I going to have to sign" . Consumers are disclosed so much that they are overwelmed and by the end of the process they willing to sign anything just to leave the table. Oh and after they sign Federal diclosures then the States get into the act. This might be a good thing - consolidating forms instead of making new ones. Want to cut down on the silient majorities complaints decrease the amount of paperwork!!!!
  • FTHBGuru | | 21 Jul 2015, 02:26 PM Agree 0
    Oh Michael, Michelle and Matt. Your Pollyanna, smug (we're ready, why aren't you?) attitude reeks of...naïveté.
  • FTHBGuru | | 21 Jul 2015, 03:20 PM Agree 0
    @Michele: Oh, and, by the way, this is NOT what "the public wants". The public does not want MORE paperwork, or cost, or deviously intricate ways to delay their purchase-money closing due to some silly TRID technicality.
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