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As we all well know, sometimes the headlines are written to grab our attention but the story reveals something a little different. Take the headline on this article appearing in last Tuesday’s MBA NEWSLINK; “Survey: Consumers Still Report Slower Closings, ‘Surprises’ Under TRID” (Survey).
This headline would lead one to believe that closings are being delayed, and consumers are being surprised at the closing table, because of the new TRID rules. However, if you look closely that is not exactly the case. Consumers say they believe the new rules make it easier for them to understand the transaction and to shop for services, saving them money on related costs. They like the changes.
According to the survey, consumers also say it took more time to get their loan than in the past but it doesn’t say exactly why. Could it be because lenders and closing agents are not quite up to speed with TRID? Is it that both lenders and closing agents are having a hard time doing what needs to be done to comply, double and triple checking their work, to be sure they get things correct? Could the ‘surprises’ at closing be the result of errors, or missteps by lenders and/or the closing agent in handling the new disclosures? Let’s face it so called ‘surprises’ at the closing are nothing new.
The delays and surprises may be byproducts of TRID but are they a direct result? It’s easy to blame someone or something else when things go wrong. Sometimes we need to step back and take a long hard look at ourselves. Have we done everything needed to ensure TRID compliance? Were people properly trained and systems put in place to issue timely and accurate disclosures? Were we prepared?
Each lender and closing agent must answer these questions for themselves. It’s easy to blame the other guy but are we all working together toward ironing out the problems and making it a smoother process for the consumer and each other? For the most part the rules are clear. It appears the consumers like the new rules and disclosures; do you?
It’s time to embrace the new rules and figure how you are going to service your customers. As always is the case, those who do so will be the ones to benefit from the changes the most. The others will continue to blame someone else.
The game has changed. Play different.
