Tag Archives: TRID

U.S. Rep. French Hill (R-Arkansas) said Monday that the Consumer Financial Protection Bureau (CFPB) needs to do a lot more to ensure the industry understand the new TRID-compliant ‘Know Before You Owe’ rules before they take effect.

Many in the mortgage industry have complained of the complexity of implementing the rule and the difficulty of complying, despite the rule’s goal of making it easier on all parties involved to close a mortgage loan. But do homebuyers share these same sentiments?

CFPB Director Richard Cordray acknowledged that the Bureau's TRID rule has been a source of consternation for the mortgage industry—and he suggested that some changes may be on the way.

For the last 10 years, jumbo mortgage-backed securities have been climbing their way back into the market, but did the implementation of TRID and other factors put a stop to growth in this sector?

The implementation of the CFPB's TILA-RESPA Integrated Disclosure rule brought a number of both changes and headaches for originators, but what will be the impact on loan securitizations?

Per the direction of their conservator and regulator, the FHFA, Fannie Mae and Freddie Mac were instructed not to conduct loan-level reviews for technical compliance with TRID when conducting their credit-risk transfer transactions.

All told, more than half of the survey respondents said new TRID regulations have added five or more days to mortgage closing.

Customer satisfaction regarding TRID has risen among borrowers—coinciding extremely closely to the rise in the number of borrowers who reported they’d been contacted (as per TRID guidelines) by their lenders before closing.

Despite the negative effects reported about TRID, homebuyers did report a few positives since the rule went into effect October 2015, indicating that the CFPB's rule may be doing its intended job.

The latest Ten-X Residential Real Estate Nowcast indicates that sales are expected to rise, though the number of homes for sale may be limited by constrained inventory.