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 Auction.com’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.
The industry may have trained for it but not all training was equal, according to one association president.