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The four angriest TRID-related comments

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Mortgage Professional America | 23 Nov 2015, 06:30 AM Agree 0
Mortgage Professional America’s comments section is a place for industry professionals to debate and sometimes rant about the issues facing the channel today. But nothing has stirred up a fury quite like TRID
  • O'robyomama | | 23 Nov 2015, 10:38 AM Agree 0
    Here is a great idea! Let's put a bunch of regulators in a room who have never done a mortgage between them in their lifetime, and have them create rules that will make the mortgage process even more difficult for consumers to comprehend.

    Imagine putting people who ran a flower shop into a room and having them run a NFL football team. Sounds insane, but that is what happened with the CFPB and mortgages.

    But that is how our Govt works, they need to create work for their departments so they have a job and have work to do, so they go around destroying business and then come up with regulation to fix what they broke!

    As Reagan once said with a little sarcasm, "I am here from the govt and we are here to help you"
  • Anonymous | | 23 Nov 2015, 11:26 AM Agree 0
    Not only have they never done a mortgage, but they have never even had a mortgage. They are either so wealthy that they just pay cash, or they only had 1 single mortgage 25 years ago, back when there were only 5 pages to sign. The rest are all low paid or free "just out of college" interns who will never be in the market to purchase a home. Regardless, in all three of those examples they are all completely clueless. How is this even possible? When I tell people about who is behind all of these regulations it literally sounds like a Farrelly Brothers movie. We may need Jim Carey to star in the film adaptation of this whole thing.
  • mlo | | 23 Nov 2015, 02:29 PM Agree 0
    A mess is what it is ... absolutely ridiculous imposition of clerical antics that serve no purpose other than wasting critical time. In addition this whole process only costs the consumer more money than ever before. Longer closing periods dictate longer lock periods in which result in more expense to the borrower. It is a crime that the government can get away with heavily monitoring an industry with out imposing the same process on all industries throughout the United States.

    It is typical of a system that is reactive rather than proactive. TRID is a result of loose lending practices that took place over a decade ago. We do not have those conditions anymore and those MLO's that victimized the consumer are long gone.

    TRID needs to thrown in the trash .. that would be the most effective process that will save the consumer money and confusion. Go to the original 1 page GFE that had all the elements that a consumer would be concerned with regarding costs and details of their mortgage. Easy to read , easy to understand

    However we will not see a change since the big banks are behind this whole game with the intent to choke out the small lending firms.
  • | | 24 Nov 2015, 11:34 AM Agree 0
    ....and ALTA is in bed with them all!
  • Paul W Thompson | | 25 Nov 2015, 11:55 PM Agree 0
    So here is my issue with all of this. We have a government that is trying to impose its heavy hand and employ more worthless government staff employees who know nothing about mortgages and think that they know what is best for the consumer.

    Considering the fact that stated income mortgages went away, subprime mortgages went away, compensation to brokers got capped, and HVCC was implemented to promote appraisal independence and objectivity all due to Dodd Frank, why did the GFE and HUD1 get updated in the first place in 2010 and then why did this have to get changed again in 2015?

    Didn't the industry get cleaned up enough with the removal of those alternative and subprime mortgages along with the more stringent requirements in terms of education and background for originators?

    Wasn't that enough for consumer protection? TRID is not protecting the consumer. It is just pissing off the consumer with delays, extra escrow fees now, and forms they still don't understand.

    We originators need to band together and get our customers involved, and write to our legislators to remove this horrible regulation. It is ruining the consumers, not the industry.
  • | | 29 Nov 2015, 09:58 AM Agree 0
    First post-TRID closing - lender instructs title company, real estate agents, buyer and seller to take care of a seller credit (part of the Contract as a written addendum) "outside of closing"...This agent requests the instruction in writing - lender refuses and asks that the written addendum "disappear" - probably just because they have no idea where to put the seller credit on the CloD. TRID is causing way more problems and opportunities for rigging "the deal" - not just because of the dishonest opportunists that have always been out there - but now because of FEAR by the lenders of the exhorbitant fines for clerical errors.
  • LMAO | | 30 Nov 2015, 06:27 PM Agree 0
    The problems is that CFPB truly believes that American Homeowners are MORONS.

    Think about a refinance.. Homeowners are given an LE showing all the costs and terms of the mortgage (anything at all changes they get yet another disclosure). Then, before mortgage docs are presented the homeowners are given another break-down of the mortgage and the costs (a CD) and are given three BUSINESS days ('business days' mind you as they are not allowed to look at the document on a 'non-business' day) to review this document before deciding to proceed with signing the mortgage docs. Now... after these docs are signed the Homeowner is given yet three more BUSINESS days to change his mind!! A total of SIX business days (close to two weeks) to figure out if they want to finally close on the refi they have been signing forms and providing paperwork for for the last month or two!

    They really do think the American Homeowner is a complete and utter idiot.

    And I like the fact that on the CFPB web-site they describe the CD in this way..."..your new, easier-to-use closing document..". If it's that easy to use why is three days needed to think about it and decide, then three days to change your mind because you made the wrong decision?

    ALL the new rules are a Completely Farcical Pain in the Butt (CFPB) for Consumers and the Industry trying to help them. The old Soviet Union would have admired this system tremendously.
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