TRID Delayed

Reblogger Ginger Harper
Real Estate Agent with Coldwell Banker Sea Coast Advantage 93383

I would like to just understand WHY?

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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David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Yeah I heard about this maybe 1 - 2 days ago and was glad to hear it as everyone else is I am sure. Yet another bumgled mess created by the feds to HELP makes things SO much better????

Jun 19, 2015 11:28 AM #1
Rainmaker
922,313
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

I just ask WHY?  To trip up more folks and for Why?  Just do not understand the logic in this.

Jun 19, 2015 11:33 AM #2
Ambassador
2,358,341
Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

The Federal Government of Washington D.C. is completely out of control.  God help us. 

Jun 19, 2015 11:41 AM #3
Rainmaker
922,313
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

Fred.  I feel the same way.  What in the world can we do.??

Jun 19, 2015 11:42 AM #4
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896,486
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

I dont think any of us could ever know the 'why'....what we'd get as an explanation is a politically convenient statement like "it's a bad idea with a new school year starting" --- since when has "consumer protection" taken a back seat to school bells ringing?  Thank you for sharing, Ginger!

Jun 23, 2015 02:34 AM #5
Rainmaker
306,736
Scott Hoen
TitleCapture.com - Carson City, NV
VP, Marketing Systems & Sales Tech, 714-270-9607

Get ready - TRID implementation date of Saturday, October 3rd -- get your borrower's loan app in before October 2nd or close 45 to 60 days later after implementation date. 

Jul 30, 2015 11:46 AM #6
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Rainmaker
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Ginger Harper

Your Southport~Oak Island Agent~Brunswick County!
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