A little more than two weeks in, and the first handful of loans in the Consumer Financial Protection Bureau’s new world of the Truth In Lending/Real Estate Settlement Protection Act Integrated Disclosures rule are underway.
The lead up to the new TRID rule consumed the industry as it anxiously waited for Oct. 3.
While there still a lot of talk about the minute details of TRID, the industry must move forward.
However, there is a TRID implementation grace period, which more government regulators and entities are jumping onboard with.
As the industry continues to adjust to the new rule, several lenders have already successfully closed their first loans using the new TRID rule, according to a press release from Docutech.
One of the first companies is Charlotte-based Movement Mortgage, which successfully closed its first post-TRID loan with no interruptions in mid-October.
"We are confident that these new regulations will only encourage others in the industry to do what we at Movement Mortgage have always advised our borrowers to do – Know before you owe by having a loan fully underwritten up front before the consumer begins shopping for a home," said Casey Crawford, CEO of Movement Mortgage.