TRID Delayed

Reblogger Sharon Alters
Real Estate Agent with Coldwell Banker Vanguard Realty - 904-673-2308

This is good news for everyone - the timing of introducing a new government mandated policy right before shcool starts and at the end of summer vacation just wasn't great. October is a much calmer time of year as far as new beginnings, and will give more time to absorb the myriad of entities wanting to present it to us.

Original content by John Meussner NMLS #138061 MMCD #1141

TRID Delayed

 

 

     The day we've all been dreading has been pushed back a couple of months.  The CFPB announced that implementation of the new discosures will not take effect until October 1, giving us all a few more months to worry about how many delays it'll cause for our business- yay!

TRID delay

 

     The delay is supposedly an administrative hiccup, coupled with a weird explanation from CFPB director Richard Cordray about it not being a good idea to roll something like this out around back-to-school time.  With that, I wholeheartedly agree.  I also don't think it's a good idea to roll it out so close to Halloween though.  Or Thanksgiving.  Or Christmas.  Certainly not the new year.  They also shouldn't go breaking hearts around Valentines day...

 

 

     Bottom line, this rule, and the new forms and regulations are something that should never go into place, but they will, because frankly, the CFPB has nothing better to do than fine lenders and make up new forms that consumers still either won't read or won't understand.  I do think these new forms will be an improvement on the current "good faith estimate" which requires a doctoral degree and a 40+ hour course to completely understand and interpret.

 

 

     What annoys me most about these documents is that they come in the name of 'consumer protection', but in reality, no one can force a consumer to read this documents, and even if you could, you can't force a consumer to understand them.  A consumer still relies on a loan professional to explain these documents for the most part.  A good professional will give them all of the pertinent information so that they fully understand the terms and costs of a transaction.   A bad professional will gloss over the information that they don't want a consumer to ask too many questions about.  There's no way around this.

 

 

     Delaying the inevitable with TRID is actually pretty bad news.  I think every professional, tech company, and all others involved in the industry are just about at a point where we want to say "bring it on" so we can learn how it'll affect our business, and we can simply adapt and get over it.  This delay just adds a few more months of uncertainty.  A grace period will still be needed too, considering no one is really going to know how much impact (if any) TRID will have on closings, and there are sure to be circumstances that fall in a gray area when it comes to delays, redisclosures, etc. 

 

 

     If you haven't signed up for a TRID webinar, or your title company hasn't yet offered a TRID course, rest easy, you still have time.  For those of us ready to just get past this ridiculous regulation, this delay is a bit of a bummer.  TRID is coming, like it or not, I'd rather it just get here already so the industry can focus on more important things.

John Meussner

NMLS# 138061

Visit My Website!

 

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Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Sharon. John Meussner is so right, this regulation should never go into place, it will only create more hardship for the consumer and they keep saying they are protecting the consumer, what a joke.

Jun 18, 2015 08:56 PM #1
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

This was overdue. They are not ready to roll it out and with the start of school and so many moving at that time of year, it makes sense to wait.

Jun 19, 2015 12:41 AM #2
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Thank you for sharing Sharon : )  I am torn between a "let's get this over with" mentality and my true thought which is "let's just delay it forever".  Regardless, it's on the way!

Jun 23, 2015 02:31 AM #3
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Sharon Alters

Realtor - Homes for Sale Fleming Island FL
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