My colleague ,Mike Vitali, discussed in his blog post on July 21st the CFPB’s action to extend the implementation date for TRID from August 1, 2015 to October 3, 2015. Today comes word that the House Financial Services Committee is expected to take up H.R. 3192 on July 28, 2015 which would provide a temporary safe harbor from enforcement of the…
There still seems to be some confusion, under the new TRID rules, over when a lender should issue a revised Closing Disclosure and what changes trigger a new “3 business day wait” before a loan may be consummated. Under the new rules, the consumer must receive the Closing Disclosure at least 3 business prior to loan consummation. To be safe,…
With the recent TRID rule extension, lenders and service providers have a few more weeks to finalize their plans and preparations to service customers under the new rules. Each service provider, lender, realtor and closer, has different areas and responsibilities to address but all need to work together to achieve success (Tips). The big day is not all that far…
TRID may be delayed for a while. But, Lenders still need to be concentrating on compliance and quality. CFPB may be concentrating on more regulation, but, Fannie and Freddie continue their increased emphasis on defect management. FHA is now following suit with the announcement of their new defect taxonomy. The goal? Loans made with ZERO defects. You can bet on…
Lenders are diligently preparing to issue the new Loan Estimate and Closing Disclosure for their loan apps as of August 1st. That’s good because, although CFPB says they will be easy on enforcement, the law still goes into effect. There is no guaranty from consumers and their lawyers that they will also be understanding to those lenders that made a…
As part of the upcoming TRID changes, when providing a consumer with the new Loan Estimate a Broker, Bank or Lender must also provide a new settlement information booklet known as “Your home loan toolkit” (Toolkit). CFPB has updated the Settlement Cost Booklet to provide a consumer with more information to help them make better choices about their mortgage, with…
