Originators not to be blamed for TRID delay

by Justin da Rosa20 Nov 2015
Delays have been an issue for originators – and clients, of course -- but it’s a problem that is out of their hands, according to one professional.

“The biggest TRID frustration is between closers on the lenders side and paralegals in the attorneys’ offices, and they are the reason for delays in getting the closing documents out,” Rick Gilbert, owner of RatePro Mortgage, told Mortgage Professional America. “That document has to go out three days prior to close, which means attorneys can no longer make last minute changes.

“The closer and the paralegal need more openness between them and quicker responses.”

Gilbert says there have been origination delays caused by delays in communication between the lender’s closer and the attorney’s paralegal.

“They can’t be sending emails at 9am and receiving responses at 4pm,” he said. “You can’t answer emails late and expect it to close on time; there has to be better communication.”

Originators across the country have been grappling with TRID-related dealys.

“We’ve had seven closing so far and they haven’t gone as well as we’d hoped,” Russ Glines, a broker with Century Oak Financial, recently told Mortgage Professional America. “As a broker, we have to deal with several lenders and each of those lenders has a different way of interpreting the new rules.”

The TILA-RESPA Integrated Disclosure was implemented on October 3. The purpose of the new rule is to ensure clients have adequate time to review closing documents.

But that extra review time has also resulted in delays.

“It’s definitely affecting closing and it’s not helping the homeowner at all,” Glines said. “It’s just a mess.”


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