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With TRID about 4 months old, we continually hear of the horror stories; delayed closing, consumer confusion, investor rejections and now adverse effects on the private label securities. What’s next? Maybe, why Carolina lost the Super Bowl, or why Hillary lost in New Hampshire.
Does this now present opportunity? You bet it does. The lenders that figure out how to properly and timely disclose their loans under the new TRID rules will create for themselves a competitive advantage. These are the lenders that will move loans through the system without delays getting loans to the closing table on time; better servicing their customers and having loans purchased upon delivery without delay.
To do this, lenders need trained originators who take the time to educate their borrowers and realtors on the new process. These will be originators that obtain what is needed at application to allow the issuance of timely accurate Loan Estimate. They will have support staff that fully understands the importance of changes and the need to obtain all required information to both approve the loan and to issue the Closing Disclosure on time.
Training and technology will help. But, it is up to the lender to accept the need for changes in their process flow. The Lender is now the lead dog and must not only accept, but cherish that role.
Take charge of the process from beginning to end. Communicate with other parties to the transaction when needed and as needed. Don’t leave anything to chance. Know what needs to get done and go do it.
The law is not going away, no matter people how many complain. By finding ways to comply, you find ways to compete and garner a larger share of whatever business is available.
Take charge of your future; don’t delay and let someone decide if you’ll succeed. That future is now and includes the new TRID rules and requirements.
We survived QM, ATR and more; I’m sure we can handle TRID.
