The four angriest TRID-related comments

by Justin da Rosa23 Nov 2015
Mortgage Professional America’s comments section is a place for industry professionals to rant, rave, and generally sound off on the issues facing the channel today. But nothing has stirred up a fury quite like TRID.

A recent story about the costs incurred by clients as a result of the TRID implementation kicked up quite the stir among the originator community. These are the four angriest comments, each giving vent to the frustration of many originators.

The whole thing is just absurd. Who on Earth thought this would be a good idea? And shame on the people in the room with him for not having the courage to speak up and say, "Ah, no. That's a dumb idea. Not only will it never benefit a single consumer, but it will harm consumers. You obviously have never taken out a mortgage yourself, so you don't understand the process. Next idea please..."

- Anonymous

Government is always the problem and never the solution!! Mommy government knows best. I think the entire industry should go on strike and not write any mortgages until this is repealed. Unfortunately, the big banks will never comply since they are in bed with the politicians and regulators.

- Game Over

Customers care about three things, rate, payment and cost. TRID not only overcomplicates the whole process but makes it NO easier than a TIL (which was really a perfect document) to interpret the financing one was offered. I hate it, will continue to hate it, and my clients are angrier and more confused than ever. GREAT JOB … !

- Angry MAs

I agree the entire mortgage process is now so convoluted that it is beyond absurd. The CFPB rolls out these new requirements costing clients thousands due to longer locks and additional lender fees to cover the extra cost of this mess yet allows … real estate brokers the right to steer business and collect additional monies in the form of kickbacks called marketing agreements. It is amazing!

- Community Bank Lender


  • by O'robyomama | 11/23/2015 10:38:07 AM

    Here is a great idea! Let's put a bunch of regulators in a room who have never done a mortgage between them in their lifetime, and have them create rules that will make the mortgage process even more difficult for consumers to comprehend.

    Imagine putting people who ran a flower shop into a room and having them run a NFL football team. Sounds insane, but that is what happened with the CFPB and mortgages.

    But that is how our Govt works, they need to create work for their departments so they have a job and have work to do, so they go around destroying business and then come up with regulation to fix what they broke!

    As Reagan once said with a little sarcasm, "I am here from the govt and we are here to help you"

  • by Anonymous | 11/23/2015 11:26:08 AM

    Not only have they never done a mortgage, but they have never even had a mortgage. They are either so wealthy that they just pay cash, or they only had 1 single mortgage 25 years ago, back when there were only 5 pages to sign. The rest are all low paid or free "just out of college" interns who will never be in the market to purchase a home. Regardless, in all three of those examples they are all completely clueless. How is this even possible? When I tell people about who is behind all of these regulations it literally sounds like a Farrelly Brothers movie. We may need Jim Carey to star in the film adaptation of this whole thing.

  • by mlo | 11/23/2015 2:29:24 PM

    A mess is what it is ... absolutely ridiculous imposition of clerical antics that serve no purpose other than wasting critical time. In addition this whole process only costs the consumer more money than ever before. Longer closing periods dictate longer lock periods in which result in more expense to the borrower. It is a crime that the government can get away with heavily monitoring an industry with out imposing the same process on all industries throughout the United States.

    It is typical of a system that is reactive rather than proactive. TRID is a result of loose lending practices that took place over a decade ago. We do not have those conditions anymore and those MLO's that victimized the consumer are long gone.

    TRID needs to thrown in the trash .. that would be the most effective process that will save the consumer money and confusion. Go to the original 1 page GFE that had all the elements that a consumer would be concerned with regarding costs and details of their mortgage. Easy to read , easy to understand

    However we will not see a change since the big banks are behind this whole game with the intent to choke out the small lending firms.


Should CFPB have more supervision over credit agencies?