“I welcome the regulations that are being implemented … (they) keep the riff-raff out,” Gerald Mindel, senior loan originator with Mortgage Management in New Jersey told Mortgage Professional America. “I work for a lender that is well equipped to roll with the punches.”
The “Know Before You Owe” effective date has already been pushed back a number of times, and is currently set to go into effect on October 3. And many are calling for even further delays – with at least one organization pleading with the Consumer Finance Protection Bureau to put off the change until 2016.
Mindel, however, believes there is plenty of time for lenders and originators to prepare themselves.
“The lender I work for is taking the proper steps to train employees to become aware of the protocol,” he said. “A formidable enough company with the right resources will succeed.”
Still, it’s a stance that may not sit well with originators, with many believing the new rules are unnecessary.
“Sounds to me like the engineers of this TRIDisaster are in over their heads … the silly ‘Know Before You Owe’ (rule) should be permanently delayed, waylaid, or better still, rolled back completely so we can dust our hands of this utterly misguided, poorly executed (change) rolled out by ‘lawyers’ who don't know (anything) about"mortgage origination,” one commenter remarked on MPA.
Despite calls from many to delay the TRID deadline, one originator not only believes his company is prepared for the change; he welcomes it.