The real impact of TRID on lenders, agents and everyone in between continues to prove a contentious point in the real estate industry.
On Monday, Mortgage News Daily took a closer look at some notable recent dispatches from various sources (Ellie Mae’s February Monthly Origination Insight Report, the MBA’s fourth quarter survey of independent mortgage banks and The National Association of Federal Credit Unions President and an American Bankers Association survey, for starters) to figure out what TRID has really left in its wake.
In the ABA’s survey, more 75 percent of participants said loan closing delays are the result of TRID, but others in the industry disagree. Secure Insight President and CEO Andrew Liput, quoted by Mortgage News Daily, described a survey “conducted March 7 through March 14 of 1,342 mortgage industry executives nationwide,” saying “The overwhelming majority of lenders we polled were prepared for TRID, and have trained their office staff to support the completion and delivery of the new consumer disclosures (93%), although the fact that 7% of those polled were “not aware of CFPB TRID obligations” and “not full TRID compliant at this time” was somewhat surprising several months after the new disclosures became mandatory throughout the industry.
So, it’s still a mixed bag.
As an agent, it’s your job to stay on top of the markets and understand every step of the financing process to guide your clients through it. If you aren’t equipped to be the expert guide for your clients, then you aren’t fulfilling your duty to them.