As we approach the two-month anniversary of the implementation of the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, concerns over complying with the TRID rules are still weighing heavily on mortgage industry professionals, a new survey showed.
The survey, published Tuesday by Genworth Mortgage Insurance, a unit of Genworth Financial (GNW), showed that 38% of the survey’s respondents said that compliance with TRID was their chief concern with the implementation of the new mortgage disclosure process.
Genworth’s survey is based on the responses from 240 mortgage professionals when asked for their thoughts about TRID during the Mortgage Bankers Association Annual Convention in San Diego from October 19-20.
Additionally, Genworth’s survey results showed that 35% of the respondents said that having the right technology in place was their biggest TRID-related challenge.
While complying with the new TRID rules and having the technology in place to do so were highly concerning, communication with borrowers about the new rules also rated highly among the survey respondents.
According to Genworth, 22% of the respondents said communicating the differences between the pre-TRID world and the post-TRID world was their main concern.
Surprisingly, only 5% of the survey’s respondents said that the length of the implementation grace period was their biggest challenge.
As HousingWire reported Monday, many in the industry, including the National Association of Realtors, the Mortgage Bankers Association, and handful of additional trade associations, have lobbied the government to pass the Homebuyers Assistance Act, which provides a four-month grace period for businesses that are working in good faith to comply with the new 1,888-page rule from the CFPB.
Despite those efforts, the respondents to Genworth’s survey say that actually complying with the TRID rules is far more concerning than how long the grace period ends up being.
“The survey’s findings were in line with expectations and illustrate the need for continued dialogue on how to adjust to these new regulations,” said Rohit Gupta, president and CEO of Genworth Mortgage Insurance. “While TRID is a net positive, we’re seeing a significant learning curve across the housing industry.”