How the Grinch Stole TRIDmas

TRID was supposed to be the lending regulation that paralyzed the mortgage industry.  However, for most it has turned out to be more like Y2K than the Grinch.  The furor surrounding this change was enough to force the best companies to adapt early. 

As an outsider, it does not appear to have been a big deal to many companies. 

BUT, this is not the case across the board.

The majority of problems have appeared with the small lenders and wholesale lending companies.  Small lenders are drowning in the regulatory changes and technological upgrades.  Wholesale Lenders add one more party to the transaction which complicates the communication process with the customer.  With TRID, proper communication with the consumer is paramount.

We prepared our current clients by building extra time into the contract and we have not seen any delays or setbacks with our lender partners over the last 60 days. 

I reached out to a few of our lending partners for feedback on their experience with TRID.  This is what they said.

Dan Kraus with Churchill Mortgage said, “Churchill has spent months and months in preparation and our compliance team is one of the best.  While we are still working through some of the initial challenges, overall we have a really good grasp on the process.”

Chris Heyer with Movement Mortgage reported, “Movement has been prepared for this for quite some time.  I haven’t had any delays on any of my closings to date and don’t anticipate any in the future.  We are still asking for 30 days or less on all contracts, and Movement closed their first TRID loan in 10 business days from the time of application.”

Shawn Kaplan with Legacy Mutual Mortgage recommends, “1.) Use a local lender. The benefits of a mortgage company operating locally versus someone out of the area are enormous. From appraisals to closing logistics.  Using someone out of state or area is just a risk buyers need to avoid and is not necessary.  2.) Obtain full pre-approval prior to searching for homes.  The dissemination of the information to have a clear picture of exactly where you stand coupled with clear expectations of your payment and down payment options is invaluable.  Following this protocol allows buyers to avoid costly delays, frustrations, and most of all denied loans at the 11th hour.”

These companies took the bull by the horns early in the process.  Their proactive stance is why these lenders are flourishing this year.   

If your time is important and your want to work with one of the most trusted lenders in Nashville, then hit reply. 

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