Articles Tagged with ''TRID''

CC Pace launches TRID relief program

Created to relieve burden of TRID regulations
CC Pace has created a program to help lenders with TRID regulations and compliance. Their study shows that two out of three lenders say technology and operational changes are their largest issues with TRID.
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Collingwood Group Chairman calls out 'regulatory Jihad' on mortgage lenders

Tim Rood says regulations actually seriously harming borrowers
There is little doubt that there are more regulations foisted upon the mortgage industry in the wake of the housing crisis. Count Tim Rood, the chairman of The Collingwood Group, among those who think the regulatory environment is smothering mortgage lenders, going so far as to use a shocking term to describe the current lending environment.
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The CFPB throws a bone to mortgage lenders

TRID delay a favor to lenders?
The financial crisis was nearly a decade ago, but you would think we’re still in the midst of it with the way the CFPB treats the mortgage industry. The bureau is not quick to throw the mortgage industry a bone, and what it considers as helping was never with that intention.
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Here are some examples of common TRID errors

Range from simple to egregious
A recent letter from the Association of Mortgage Investors gave an inside look at some of the mistakes that have come from the new TRID rule. And regardless of how minor or major a mistake is, it still is one. Want to know if others are having the same issues as you?
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From HW Magazine

Outsourcing: How to manage your weakest link

Two critical areas with third-party vendors
Unfortunately, as regulators take a harder look at third parties and their shortcomings, it often leads them straight back to the lenders and servicers who are supposed to be managing them. And with the financial penalties for third-party violations so significant, that’s the last thing lenders and servicers need.
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From HW Magazine

The key to solving TRID hiccups? Collaboration

Ambiguity on closing issues means communication is more important than ever
A key area where there’s been confusion among business partners is the sharing of closing documents containing non-public personal information (NPI). While TRID implementation has required lenders, real estate agents and title insurance professionals to radically change the way they conduct business and exchange information, it changed nothing in regard to data privacy.
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AMI to CFPB: Don't ignore investor concerns, TRID does cause issues

Open the TRID comment period back up
The initial shockwave from TRID is over, replacing fears and worries with solid evidence of what the new rule is doing to the industry, a new letter from the Association of Mortgage Investors reveals. The CFPB did touch on this investor issue last year, but its solution was to simply tell them they're overreacting. It was not enough.
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