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…
Real estate agents are complaining that with the new TRID rules, lenders now refuse to provide them with a copy of the Closing Disclosure for review prior to closing (CD Block). Strange, I don’t recall lenders providing Realtors with a draft copy of the HUD-1 prior to the closing before the new rules were implemented. Once again, TRID gets the…
Let’s face it, TRID is a game changer. It has revolutionized the process of how mortgage loans are closed. The replacement of the GFE and initial TIL by the new Loan Estimate caused the need for new technology and forms; however the information being disclosed is relatively the same. The real change comes in the use of the new Closing…
Since the announcement of the new TRID rules, lenders have been working to integrate the use of the two new forms and comply with the requirements for information and fee disclosure. With actual implementation has come a myriad of challenges and problems reported by lenders and closing agents which have been blamed for consumer confusion, increased loan costs, closing delays…
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…
The allowable tolerance for a fee disclosed by a lender for their specific services, e.g. Application fee, Commitment fee, and for those for the services for which a borrower cannot shop, is pretty straightforward. Once disclosed, these fees may not change unless there is a bona fide (justified) circumstance change that directly affects the specific fee. Such a change is…
