TRID training lacked effectiveness

by Justin da Rosa08 Jan 2016
The industry may have trained for it but not all training was equal, according to one association president.

Wrestling with stingier disclosure requirements – and the increase in times it takes to fund deals – remains the most frustrating issue among industry professionals and that may exacerbated by the fact that some TRID training provided to loan officers wasn’t up to snuff.

“People have trained for it, but the real deal is different,” John Gates, president of the Raleigh Mortgage Bankers Association, told Mortgage Professional America. “I think some companies did better than others in training their employees; I’m hearing this among my compatriots.”

Many companies are also struggling due to a lack of preparation with their operating systems and software issues, according to Gates.

For example, the recently released Originator Insight Report by Ellie Mae confirmed anecdotal evidence that deals are taking longer to close.

That report found that the average time to close a file increased by three days in November. 
However, while many originators have struggled with various issues as a result of the TRID implementation in early October, released  statistics suggest the industry is adapting. Or at least thriving.

December’s existing home sales are estimated to fall between 4.8 and 5.11 million – with a target of 4.95 million, according to’s residential real estate Nowcast report.

That would mean an increase of 4.1% over November’s mark – this despite the fact that December is a traditionally slow month for the housing industry, with many Americans putting off any home search until the new year.


  • by mlo | 1/8/2016 1:18:38 PM

    A more correct statement would be that the CFPB failed in making clear the do and don'ts of TRID .. how can you train properly if it is not understood clearly? .. TRID is a totaly waste. It fails in so many areas and is has imposed wasted resources. Get RID of TRID. Also .. if you are going to keep TRID then make it a true level playing field for all in the mortgage lending industry.

  • by griff | 1/8/2016 6:34:28 PM

    Count not agree more with "get rid of TRID". We need common sense and that would take us back to a one page GFE and a two page HUD1. All the fees are there, they are spelled out who is paying for them. I like that as a broker my pay does not show up on the TRID form. I hate that it is so complicated borrowers cannot begin to understand it. Fees that come out as being paid by a lender or a seller get switched up by closing and different fees are paid. Then to top it all off the settlement statement simply convoluted. It looks nothing like a LE or CD that the borrower has seen before. It takes constant vigilance to be sure I'm not screwing myself out of a paycheck because if anything moves from one box to another it may make one box over 10% tolerance even while another is way under. No rationale.


Should CFPB have more supervision over credit agencies?