Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

TRID implementation adds more than $200 per loan

Notify me of new replies via email
Mortgage Professional America | 23 Mar 2016, 12:32 PM Agree 0
A new report says that TRID implementation adds more than $200 to mortgage origination costs -- but claims customers are more satisfied under the new rule
  • Jeff Russell | | 23 Mar 2016, 01:30 PM Agree 0
    Hi Ryan,

    Thank you for your article. As a direct lender, we have experienced significantly more cost increases associated with TRID. We have found that our customers generally, are confused by the new disclosures and aggravated by the additional time it takes to close their mortgages.

    Jeff Russell
  • NoSpinJustFacts | | 23 Mar 2016, 01:31 PM Agree 0
    Please provide a copy to the study that indicates a significant increase in borrower satisfaction indicated in this article. Thank you.
  • Russ Glines | | 23 Mar 2016, 01:36 PM Agree 0
    The borrowers are only confused by the timeline and additional disclosures.. In fact-- our experience is: they don't read them -- just like before.. :-)

  • Exhausted | | 23 Mar 2016, 01:46 PM Agree 0
    Would love to know how the question was framed to come up with that conclusion!
    I'm guessing it was something like:
    Pick which statement is more accurate
    a) were you satisfied with your most recent transaction?
    b) would you prefer your lender gouge you at closing?
  • Greg Wischmeyer | | 23 Mar 2016, 01:47 PM Agree 0
    Ryan, not one borrower has told me thank you for helping me understand the mortgage process with the new TRID docs. Not one borrower has told me they are now more educated because of TRID. Not one borrower has told me thanks for protecting me with these new TRID forms. I could go on and on. Borrowers have said "Why do we have to wait?" Try to explain that one all you supporters of Dodd-Frank. We lenders just live with the volumes of unnecessary rules the powers-that-be publish.
  • Ryan Smith | | 23 Mar 2016, 01:53 PM Agree 0
    As a guy who talks to mortgage pros for a living, I was surprised by that part as well. While I certainly haven't done a study, my anecdotal experience is that pretty much every mortgage pro I've talked to says borrowers are confused by TRID, not satisfied.
  • | | 23 Mar 2016, 01:59 PM Agree 0
    I agree with the sentiment of the other replies to your article. TRID has only complicated the process and made it more confusing to all parties involved, not just the borrower. I would also like to see this study that says borrowers are more satisfied. Also, all of my borrowers were completely satisfied prior to the TRID implementation.
  • Manish Drona | | 23 Mar 2016, 02:02 PM Agree 0
    On our side - not only TRID complicated the process but at the same time borrower is very angry with the delay it is causing.

    Also some of the details on TRID are not clear like Escrow payment (which borrower would anyway), is not cost of mortgage, as anyway they going to pay to county and is very confusing to borrower.
  • mlo | | 23 Mar 2016, 02:04 PM Agree 0
    why are articles of this sort allowed for distribution . .there is no absolute way that the consumer is more satisfied with paying more and not understanding all of what this is about.

    How slanted can this be ? only shows how wrong this is .. and they will spin the plate with diligence to try and make it appear that TRID has value ... typical nonsense
  • Broker 999 | | 23 Mar 2016, 02:15 PM Agree 0
    I don't know how you are gathering your information. Clients are confused with the new TRID guidelines. The TRID adds a lot more days to
    a closing and it actually makes clients unhappy. All they want to know is an estimate on the cost, the rate and the new payment. They don't really read what they receive they ask the originator for the details.
  • Cari Goeke | | 23 Mar 2016, 02:20 PM Agree 0
    I have seen nothing but frustration and confusion from my buyers. The new TRID rules are making things more difficult not better.
  • Kathy F | | 23 Mar 2016, 03:19 PM Agree 0
    Our credit union stopped doing closed end second mortgage mortgages because of the increased costs of compliance. This is certainly not a win-win situation.
  • Eric T | | 06 Apr 2016, 01:45 PM Agree 0
    I would say that borrowers do not read the disclosures now, nor read them in the past. Borrowers would perhaps read up to 5 pages of disclosures in total. Having appraisal disclosures, mortgage broker disclosures, ECOA, Patriot Act, etc. etc. has gotten to the point that none of them are read. TRID on its own could be fine, if the rest of the disclosures are eliminated!
  • Rod M | | 06 Apr 2016, 02:59 PM Agree 0
    I haven't seen anything that indicates borrowers like any changes mandated with Dodd Frank Financial reforms or the creation of the CFPB. Most feel it's forced many small independents out of business, hurt small banks and most credit unions because of compliance cost and other factors leading to less borrowing choice overall. Now we see the administration pushing this again:

    “Every person deserves a fair shot at opportunity, and that starts with a decent, safe, and affordable place to call home,” HUD Secretary Julián Castro said in the March 15 announcement. “

    when HUD mandated affordable housing in affluent Baltimore communities with their huge settlement announcement. How they could achieve this without decreasing property values has yet to be addressed but it further clarifies why leaders in our field should be making rules vs letting politics get involved leading to another housing bubble down the road. I just find these comments very ironic in light of Obama vs citibank and the stupid lending models that followed.
Post a reply