TRID Delayed

Reblogger Praful Thakkar
Real Estate Agent with LAER Realty Partners

Here's a re-blog of the post about the news that was announced last week - and it's very unlikely you may have missed it. Hence re-blog.

Here's a summery, pros and cons of this delay from none other than John Meussner.

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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Praful Thakkar
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Thanks all for stopping by.

Jun 27, 2015 04:26 PM #9
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And as we all expected - this was going to happen....lol.

Jun 27, 2015 04:27 PM #10
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William Feela - forever? I doubt they will ever do that...

 

Jun 27, 2015 04:29 PM #11
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Of course we don't want any surprises  - they will still make some changes...

Jun 27, 2015 04:30 PM #12
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Thanks for stopping by Will Hamm - sure was going to happen.

Jun 27, 2015 04:31 PM #13
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And you are so right - great points by John Meussner in this post.

Jun 27, 2015 04:32 PM #14
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Kasey & John Boles and the team at Jon Gosche Real Estate, LLC - glad you read the re-blog....

Jun 27, 2015 04:33 PM #15
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Sometimes re-blogs do help serve the purpose - of spreading the word....

Jun 27, 2015 04:34 PM #16
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And no hurry to finish up and get ready by August.

Jun 27, 2015 04:34 PM #17
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Classes are a good idea - and I think we all should attend that.

Jun 27, 2015 04:35 PM #18
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Brian England - eventually it will be here for sure.

Jun 27, 2015 04:37 PM #19
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Preparation is the key for us....

Jun 27, 2015 04:37 PM #20
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Thanks for stopping by Jay McHugh - appreciate stopping by and your comments.

Jun 27, 2015 04:43 PM #21
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This is more of a 'relaxation' for most of us.

Jun 27, 2015 04:43 PM #22
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Thanks for stopping by Regina P. Brown - yep, good points from John.

Jun 27, 2015 04:44 PM #23
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John always provides value to our community....

Jun 27, 2015 04:44 PM #24
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Doug Dawes - and change is coming - even if it is delayed.

Jun 27, 2015 04:45 PM #25
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I am sure this is a going to be better - or should I say, hopefully?

Jun 27, 2015 04:45 PM #26
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Thanks for stopping by Lise Howe - nice explanation from John.

Jun 27, 2015 04:46 PM #27
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Thanks all for stopping by - and your comments. Appreciate it.

Jun 27, 2015 04:46 PM #28
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