The most-qualified objector to TRID speaks out

by Justin da Rosa13 Oct 2015
The industry can make all the preparations but, when it comes down to it, a grace period to properly acclimatize is needed, says one professional.

“A grace period is something the industry needs; it would be a shame if someone acting in good faith messes up and is penalized,” Attorney Marc Israel told “They need to give originators a few months to work in live action.”

Israel, who is also president and chief counsel for MiT National Land Services, teaches a course to lawyers on TRID preparedness. That experience has convinced him of the need for a grace period.

According to Israel, one of his classes contained 45 real estate lawyers who each close between 1,500 and 2,000 deals per year. And these professionals raised questions about potential deal snags that have yet to be answered.

“I could barely go five minutes without someone asking what would happen in X,Y,Z situation,” Israel said. “In a lot of the cases they were issues that aren’t touched upon in the legislation.”

Theory is one thing; practice is another.

And that is why the industry needs a grace period, Israel says.

“The problem I have is the new regulation is contained in legislature that is around 1,800 pages long; and while the regulators think they may have taken everything into account, things are different on an actual deal,” he said.

However, the White House has said it plans on vetoing the recently passed bill H.R. 3192, which would provide a formalized hold harmless period until February 2016. And Israel doesn’t understand that.

“I can’t for the life of me figure out what the White House is thinking,” he said.


  • by We love TRID! | 10/13/2015 12:28:54 PM

    Maybe because president O'robyomamma hasn't a clue about mortgages, or much else for that matter?

  • by jlm | 10/13/2015 12:42:59 PM

    How about doing away with the TRID all together .. it is so pathetic that individuals who think they are so intelligent cannot come up with a system that is easy and consumer friendly ... big banks are getting their way as they methodically try to squeeze out the small entity. 28 years of experience in the lending industry and the original good faith estimate that was one page and the borrower signed was most effective and efficient. On one page you had all the details necessary. but no , we have egomaniacs re-writing an industry that they no nothing about nor have any experience with .

    The paper work has become so convoluted that the average consumer cannot and will not understand. Get a clue ... there will always be those predatory types in the industry but by far the majority try to do a very fiduciary job on treating their clients.

  • by | 10/13/2015 2:39:29 PM

    Consequences of TRID:

    1. extended processing times
    2. higher closing fees (attorneys are doubling their fees in my state) that will be passed on to consumers
    3. closing delays
    4. less transparency from bad actors
    5. higher per mortgage cost that must be passed on to consumers


Should CFPB have more supervision over credit agencies?