When you look at TRID (TILA-RESPA Integrated Disclosure) and the Dodd-Frank Wall Street Reform and Consumer Protection Act, says Stevens, they are essentially the same information but, in a vastly more complicated way of organizing it and disseminating it to consumers.
“Do you think anyone is going to look at the new TRID forms and say, ‘Oh, this is infinitely easier to understand,’” Stevens told MPA. “The answer is an emphatic ‘no.’”
The recovery since 2013 shows that the mortgage sector is poised to really take off – that is, if there aren’t any more legislative restrictions placed on the industry.
“The biggest dilemma that this market is going to face is a recession or downturn that is superimposed by Washington,” he says. “If they leave it alone, we’ll be fine.”
Stevens, who has created a number of online video blogs that deal with the theme of “think big – work small,” sees a lot of opportunity to grow a book of clients – but that it depends on whether the loan officers are prepared to roll up their sleeves and actively engage the customer.
“We have loan officers in listing districts that have generated in excess of 2,000 leads in the course of a couple of months in web and text leads,” says Stevens. “And then we have loan officers who are putting up goose eggs because they aren’t working the system. But for a loan officer who is willing to get in and engage, they will have that success that they aren’t having now.”
“TRID is a symptom of a larger problem,” says Brian Stevens of Listing Booster, an agent/loan officer co-marketer. “The regulators in Washington are missing the boat, because we’ve never had a safer book of business. TRID is all the ingredients of a taco, mixing them up, and making a tostada. They’ve rearranged the ingredients and placed an extra cost on it all. It is a horrible idea.”