MORTGAGE BROKER GROUPS AND TRID

It would appear there is an attempt is being made by mortgage broker groups to delay the penalty period for TRID non-compliance:

http://campaign.r20.constantcontact.com/render?ca=a66799fa-d4f0-4585-a48a-8f731ffedc38&c=8db0f940-35c2-11e3-b42a-d4ae52a45a09&ch=8ea89fb0-35c2-11e3-b525-d4ae52a45a09

I attended a TRID training seminar recently and the consensus is that because residential sales must be handled differently, some of the past practices will no longer apply. Buyers, and Sellers, should now be made aware that this cannot be an accelerated process and attorneys should advise Sellers and Buyers of the effect of the TRID rules.

FROM THE CFPB RE: MORTGAGE APPLICATIONS

 "Good afternoon,

Consumers applying for most mortgages now face less stress when shopping for their loan since our new rule and forms took effect on October 3. We made these changes to ease the process of taking out a mortgage, help you save money, and ensure you Know Before You Owe.

Learn more about Know Before You Owe: consumerfinance.gov/know-before-you-owe

In addition to making it easier to understand these forms, the Know Before You Owe mortgage disclosure rule:

• Combines four overlapping disclosure forms into two forms, the Loan Estimate and the Closing Disclosure.
• Allows you time to review your Closing Disclosure to ensure you fully understand terms and obligations.

Check out how these new Know Before You Owe measures will better serve consumers and lenders today: consumerfinance.gov/know-before-you-owe

Thank you,

Consumer Financial Protection Bureau"