Nearly three months after the TILA-RESPA Integrated Disclosure Rules (TRID) went into effect, it is easy to find numerous articles and commentaries discussing the impact of the Rules on all parts of the closing process. Initially, I read each one with a critical eye, understanding these things take time and most initial reviews could only be speculative at best. Hard facts and trends take time.
Well, it seems that time’s up.
Recently, several articles have emerged demonstrating trends and concerns supported by hard facts and three months worth of history:
Are TRID Compliance Violations an Epidemic in Mortgage Industry? The MReport gives a detailed analysis of Moody’s Investors Service reports that TRID compliance violations are a widespread epidemic.
TRID MYTH Busters: What You Need to Know When Sharing Closing Documents. The American Land Title Association (ALTA) answers questions about data privacy and the sharing of documents under the new TILA-RESPA Integrated Disclosure Rules.
Average Days to Close Loans Taking Longer Under TRID, Reports Show In a December 17, 2015 article ALTA identifies a change in the average number of days it takes to close under TRID, a topic that is repeated in a consumer directed article found in the Wall Street Journal; New Federal Rules for Mortgage Forms Blamed for Delaying Loans
In the coming months, I will continue to recommend articles regarding the TRID and other relevant industry trends. It is a time of change in all segments of the settlement process, and remaining informed and prepared helps us to serve our clients best.