“Delays we’re experiencing are mainly on the software side in getting loan estimates,” Tony Perri Jr., an originator with Top Flite Financial, told Mortgage Professional America. “There have also been attorney delays in getting accurate title fees over to us.”
Those delays were expected to be felt in the early-goings following TRID implementation, but Perri believes they are due to a slight learning curve and that players will have adapted within the next month-and-a-half to two months.
TRID went into effect October 3 and it has already impacted brokers in terms of delays. Brokers can also expect delays from lenders, according to one industry player.
“Lenders have all the control and they will be more conservative so they don’t miss sending out their disclosure,” Debbie Hoffman, chief legal officer at Digital Risk, a mortgage processor, told Mortgage Professional America. “If they miss their disclosure the loan will not be sale-able.”
According to Hoffman, delays will also be caused by technology.
“Because of TRID, lenders had to implement new tech,” she said. “They’ve more aligned, which is a good thing, but there could be some glitches in the new technology that could cause delays as well.”
Broker will obviously have to be patient as they – and their lender partners -- adapt to the new rules. However, some lenders may cause less frustration for originators than others.
“There may be some lenders that are better situated than others,” Hoffman said.
Originator worries have been confirmed, according to one player, who has already felt the effects of the recently implemented regulation.