Mortgage Compliance

TRID: Much Ado About Nothing?

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Much-ado-about-TRIDAccording 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 from these changes were like Chicken Little? The sky isn’t falling after all.

Based on the above-linked article in National Mortgage News, some lenders are in agreement. Business is humming along as usual, loans are closing on time with minimal problems and consumers are better off as they get their information sooner. It’s a great day for consumers, mortgage lending, and the CFPB.

Why did I hear so many horror stories when I sat in on two different conference calls last week? On one call, closing agents discussed their problems in trying to give and get the information needed to complete the new Closing Disclosure.

On the other call, lenders discussed a series of 66 separate questions dealing with what needs to be disclosed in the Loan Estimate and Closing Disclosures, when, where, why and how. Based on these calls, what was discussed and the questions raised, it is obvious many are still somewhat confused, and in some cases, CFPB has not provided any clear answers.

So who’s zooming who here? Is it spin to make things look a lot better than what they really are or do we have an industry full of complainers that just don’t like change? Since I am not involved in the lending nor the closings, I really don’t know. If I had to hazard I guess, I believe it’s the former. Maybe it’s really just too soon to tell.

Either way, TRID is here and Realtors, Lenders, and Closing Agents need to find a way to all work together for their good and the good of the consumer.

What’s you take on TRID?

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Michael Vitali

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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Michael Vitali

About Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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