“It’s always the unknown – until we start going through the TRID procedures we don’t know how it will look,” Don Frommeyer, NAMB CEO told Mortgage Professional America told Mortgage Professional America. “We’ve had such a long time to prepare for it and I don’t think it will be a huge shock.”
Frommeyer does believe the industry -- from lenders and associations to title companies -- is preparing itself as best it can, however.
“Everybody is still going through TRID preparation and we’re focusing on preparing Realtors,” he said. “The reality is we don’t know what effect the rules will have until they go into effect. The title companies are doing a good job putting together webinars to educate originators.”
The “Know Before You Owe” effective date has been pushed back a number of times, and is currently set to go into effect on October 3. And many are calling for even further delays – with at least one organization pleading with the Consumer Finance Protection Bureau to put off the change until 2016.
And while many are apprehensive about the potential effects of the regulation, others are welcoming it.
“I welcome the regulations that are being implemented … (they) keep the riff-raff out,” Gerald Mindel, senior loan originator with Mortgage Management in New Jersey recently told Mortgage Professional America. “I work for a lender that is well equipped to roll with the punches.”
With the TILA RESPA Integrated Disclosure is set to take effect in October, but originators are already wondering what sort of effect it will have on business – something they may not know until the disclosure change takes place.