At first glance, you may think, “What do these three things have to do with each other?” All are issues which mortgage loan originators face today. Each presents its own unique challenges but also provides some new opportunities. TRID has created a major shift in the closing process. This sometimes leads to delays in loan closings which, no matter the…
Everyone is well aware of the requirements of the new TRID rules and the related challenges in issuing the new forms, accurately and timely. There are some serious concerns in the Secondary Markets that minor issues, like fees not placed in the proper order, decimal places not carried out correctly, and/or misspellings on documents, along with missed timing of disclosure…
According to the National Association of Realtors (NAR), there have been very few, if any, problems with home settlements as a result of the new TRID regulations. Karen Crowson, Chair of the Realtor’s Regulatory Issues Forum stated that most loans are closing with very little disruption (No Problems). Could it be those who decried the major problems that would result…
Now that it has been a little over a month since the official TILA-RESPA Integrated Disclosure (TRID) implementation date, many loan transactions are now closing which are subject to the new TRID rules and use of the TRID required forms (i.e. Loan Estimate and Closing Disclosure). In this regard, both VA and FHA have provided some guidance to lenders as…
As you know by now, under the new TRID rules there is no longer an allowable tolerance for the fees disclosed for the lender required services for which a consumer cannot shop. This means the lender is bound by what is disclosed for these costs on their initial Loan Estimate unless there is a bona fide change. Lenders are expected…
Mortgage applications fell drastically last week and some believe it is the direct result of the new TRID rules (Apps Decline). Could it be that lenders were able to push many applications to the prior week due to the fears created by the need to comply with new disclosure rules? Do lenders have such powers to make buyers move up…
