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TRID impacting fulfillment centers

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Mortgage Professional America | 06 Jan 2016, 06:30 AM Agree 0
More originators rely on them to help facilitate deals following increased disclosure requirements; so much so that it’s creating delays, according to one professional
  • Mtg guy FL | | 06 Jan 2016, 01:33 PM Agree 0
    This quote at the end of this article is the reason for the TRID delays and Frankly is incorrect.
    "That document (the CD) has To go out 3 days prior to close so attorneys can no longer make last Minute changes"

    That statement is incorrect and it is this incorrect thinking that is really causing delays. The CD that has to go out 3 days early can in fact have many minor changes in the 3 days or even at closing . That is the problem here, many people think the CD sent 3 days ahead has to be final down to the penny, NOT TRUE. Sure there are fees that cannot like origination, and other hard fees but most fees can change like escrows, insurance etc. Most fees that can't Change could not change on the old GFE either, this isn't really that much difference in what fees can change. Simply issue a CD when the file is approved and you are at a point where none of the fees not allowed to change will not. Disclose a CD as soon as possible, you do not need the exact final CD sent 3 days in advance.
    The biggest problem is that people think that you need to send a final CD down to the penny. The author of this article has quoted someone saying this same thing. They are incorrect. you can make minor changes to the CD even after the CD has been issued to the borrower as long as it's an allowable fee that can change. Stop making this so difficult people!!!
  • mlo | | 06 Jan 2016, 01:58 PM Agree 0
    the best remedy is get rid of TRID get rid of CFPB .. go back to when the original GFE was used (now called the "fee sheet") everything that a consumer needs to know regarding the financing costs, fees, and payments is there , on one page and easy to understand.

    so typical of the government's approach .. make is to complicated the consumer will never understand.

    also .. TRID is not a level playing compliance when comparing broker vs correspondent or direct lender ... the fact that the CD requires the broker to disclose what he is getting paid and the correspondent lender or direct lender does not only leaves one to question why do you have the discrepancy?
  • TRID SUCKS, BUT IT'S THE LAW | | 07 Jan 2016, 08:50 PM Agree 0
    Yeah, the only thing a law office could do to delay the advanced TRID going out is to not tell the lender their fees. That's the only number the attorney controls that cannot change. Anything else is an excuse by a slack lender.
  • Corp Trainer | | 08 Jan 2016, 09:55 AM Agree 0
    I'm not sure why there are so many people that say that "TRID sucks". TRID and the CFPB are finally making lenders accountable to their clients. The rule for sending the CD, formerly the HUD-1, to the client 3 days prior to close has always been the was just never enforced but more of a "voluntary practice". TRID is a great change for our industry...this is the largest financial transaction of a person's life, and people are now able to be relieved that they know what is happening prior to the last minute.

    And to also correct the quote in the article regarding final numbers...yes the CD must be sent to the client(s) 3 days prior to close. If there are minor changes to the final closing cost numbers that aren't affecting the mortgage/payment itself, then the those changes can be presented at the closing table.

    All of these changes are positive for the clients, the most important people in the transaction and why we are all employed in this industry. If people are complaining about making this a more stress-free process for homeowners, then maybe they should question why they are still working in this industry at all.
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