TRID delays have already been a problem for originators across the country, but one such delay could be avoided with an open discussion with Realtor referral partners, players say.
“We have to make sure real estate agents understand TRID,” Debbie Hoffman, chief legal officer at Digital Risk, a mortgage processor, told Mortgage Professional America. “Brokers can school Realtors on the new rule so they can better explain to clients what is needed in terms of documentation.”
Clients may face some surprises in terms of the document procedure in the post-TRID environment, and since Realtors are often the first point of contact in the home buying process, preparation in the early stages could help brokers – and clients – later in the process, says one player.
“Definitely it’s very important to communicate with Realtors about the changes and increase in wait times,” Tim Goslin, an originator with Talmer Bank and Trust, told Mortgage Professional America.
Regardless of the preparations, industry players expect delays to continue for the foreseeable future as the industry adapts to the sweeping change.
However, it hasn’t been as difficult to handle as Goslin had originally expected.
“The changes aren’t too complicated,” He said. “It’s gone a lot more smoothly than I had anticipated.”
The TRID deadline went into effect October 3 and it is widely considered the most impactful change the industry has seen since the Dodd-Frank Act was implemented in 2010.