TRID - Dream for Some, Nightmare for Others
I'm about to close my first TRID loan. It was one of the cleanest, easiest loan processes in recent memory. If you follow my blog, you probably noticed me beating the TRID drum for a few months before the new rule's implementation on 10/3. This was because I realized very early how important it would be to be prepared and have a process in place long before 10/3. Many other professionals decided to wait. Surely it wouldn't be implemented. Surely it 
wouldn't affect the industry much. Those same "professionals" are scrambling now. I've heard stories of delays, stories of massive confusion, frustrated clients, and even frustrated loan officers who expected their companies to better prepare.
On the other end of the spectrum, Mason-McDuffie dedicated over 4000 man hours to TRID preparation to make sure we were ready far in advance. I was looking forward to TRID as an opportunity to showcase our efficiency, and also to finally (and concretely) understand the process the best way possible - by doing. I informed the agents involved it would be tough to meet the standard 17/21 day contingencies but thought we could pull it off with full cooperation from all involved parties along the way. I also thought we could close in 30 days, but advised on a 45 day escrow period. Turns out, we were clear to close just 20 days after I received an executed sales contract.
What makes TRID a dream for some and a nightmare for others? For agents that look at the loan process as a group effort to reach a common goal, TRID is a dream. For agents who like to steal the spotlight during the mortgage process and showcase how much control they have, TRID is a nightmare. For lenders that inform their clients & agents of what's expected BEFORE getting started, TRID is a dream. For those who assume others know what they're in store for, or themselves aren't sure, TRID is a nightmare. For borrowers who return documents promptly, are involved in the loan process, and ask questions when they're not sure of something, TRID is a dream. For borrowers who don't ask questions, return documents at their leisure, and expect to do nothing while the world bends over backward for them, TRID is a nightmare. For those who were prepared, TRID is a dream. For those who had their head in the sand, TRID is a nightmare.
While many people are realizing that being unprepared for the post-10/3 changes in the mortgage world is a nightmare of an idea, I'm in a dream world - extremely proud of my team, and beyond happy with our process. There are tweaks that we'll certainly make to continue to improve the speed of loan files, and things will get even better, but for such a broad set of changes to the mortgage process, I couldn't expect things to start off much better. For me & my team at Mason-McDuffie, TRID is a dream.
Comments(29)