Articles Tagged with ''TRID''

CFPB to credit unions: New mortgage regulations level the lending playing field

TRID is good news
After the financial crisis, the government unleashed a wave of new regulation; a move that left credit unions constantly fighting to make sure they don’t drown in the aftermath. The latest speech from CFPB Director Richard Cordray comes off as persuasive, trying to get credit unions to see all the good the rules do for them, but that's not the vibe credit unions received. Is TRID a win for credit unions?
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Here's how to ensure TRID-compliant property tax estimates

It's time to align with CFPB best practices in a post-TRID world
Post-TRID, we're in a completely different world when it comes to providing timely and – more importantly – accurate information to borrowers. While the mortgage industry may have been able to proceed for decades without a unified standard for property tax disclosures, that’s just not sufficient any longer.
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Mortgage defects are skyrocketing. The cause? TRID

New ARMCO report shows critical defect rate rising since TRID implementation
As the mortgage industry approaches the one-year anniversary of the October 2015 implementation of the Consumer Financial Protection Bureau’s new TILA-RESPA Integrated Disclosure rule, there is little doubt that the impact is still being felt. In fact, a new report provides some potentially alarming insight into the impact of TRID on lenders.
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Time to worry? Time to close a loan ticking back up

Or is this the new normal?
In the months immediately after the implementation of the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosures rule, the time to close a mortgage loan rose as the industry worked through the new and complex process surrounding the dissemination of loan information to borrowers. Since then, closing times fell, but now they're on the way back up, which begs the question: Is this the start of a trend? Or is this just the new normal?
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Here are the top 5 ways technology reinvents getting a mortgage

The rise of the digital mortgage
The mortgage lending industry is still largely powered by technology that was first introduced before the 2000 dot-com bubble. Why? Realistically, getting a mortgage will never truly be a one-click process, and frankly, it shouldn’t be, but with technology it can be a better, faster process than it is. And while we have a ways to go to get there, these tips can help.
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CFPB: TRID comment period now open

Two months to go
The 64-day countdown begins now on the comment period for proposed updates to the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule. And there are plenty of areas to weigh in on.
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[Part two] Ellie Mae: We need to rethink the effectiveness of the Disclosure Desk

The true cost of the disclosure desk
Those in the mortgage industry continue to struggle for efficiency and quality. Yet disclosure desks still manually review borrower documents. It’s an antiquated process that’s quickly becoming a roadblock to the industry rather than a benefit. Continuing from the first blog post, here are two high-level guidelines for making the disclosure process an effective and quality-driven component in the life of the loan.
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[Part one] Ellie Mae: We need to rethink the effectiveness of the Disclosure Desk

The emergence of Know Before You Owe
Those in the mortgage industry continue to struggle for efficiency and quality. Yet disclosure desks still manually review borrower documents. It’s an antiquated process that’s quickly becoming a roadblock to the industry rather than a benefit. So what would happen if the disclosure desk went away?
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Initial thoughts: Did the CFPB successfully update TRID?

Three TRID experts weigh in
The Consumer Financial Protection Bureau’s new proposal to update its Know Before You Owe rule came out barely even a week ago. Coming in at a whopping 293 pages, there is a lot of information that everyone is working through. Now that the new proposal is out, HousingWire followed up with three expert TRID attorneys to get their initial read on the rule.
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