Items Tagged with 'TRID implementation'


  • Mortgage defects fall for first time in a year as TRID issues subside

    New ARMCO report shows regulatory/compliance defects falling in Q2

    Earlier this year, a report from ACES Risk Management shows the rate of serious mortgage defects on the uptick from the moment TRID started. Now, a new report from ARMCO shows that as the mortgage industry becomes more accustomed to operating in the post-TRID world, serious mortgage defects are actually declining.

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  • The new normal: Time to close settles at 46 days

    Ellie Mae report suggests TRID issues are calming down
    After rising, falling, and rising again in the wake of the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, the time to close a mortgage loan appears to finally be settling into a new normal – about a month and a half.
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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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  • TRID works: More homebuyers actually review mortgage documents

    ALTA survey shows new CFPB forms more likely to draw consumer attention
    Despite the long lead time that the CFPB gave the industry to prepare for TRID, which is also known as "Know Before You Owe," there were still hiccups and headaches for the industry, but it appears after all the frustration and consternation, TRID is working as designed for consumers.
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  • Is TRID hysteria over? Time to close drops to 12-month low

    Looks like lenders finally figured this thing out
    Well, more than six months have passed since the implementation of the Consumer Financial Protection Bureau’s TRID rule. And it appears that, despite the initial hiccups and headaches, lenders finally have a handle on this whole TRID thing.
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  • CFPB to financial industry: Wake up and smell the coffee, we are not your enemy

    Director Cordray calls out lawyers and consultants for breeding 'culture of fear'
    Despite how it may be perceived, the Consumer Financial Protection Bureau doesn’t view itself as an "enemy" of the financial industry, nor does it want the industry to view it in that way. Rather, the CFPB wants the financial industry to think of it as "an important new friend and ally" in helping to serve the financial needs of the public, CFPB Director Richard Cordray said.
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  • The TRID ripples: Time to close mortgage loans continues to rise

    Loans now take 10 days longer to close than one year ago
    In the months since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule last October, repeated evidence shows the impact of TRID. Now, a report from Ellie Mae shows more statistical evidence on how deeply the impact of TRID is being felt, with the time to close a mortgage loan climbing again.
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  • Monday Morning Cup of Coffee: Welcome to 2016

    Let's take a look back and a look ahead
    Well, since you’re reading this, it appears that we all survived another New Year’s Eve. And whether you spent it crammed into Times Square like a sardine, hanging from the rafters at a secret underground rave, or sitting at home on your couch and consequently falling asleep before the ball dropped, it’s now time to get geared up for 2016. So here's a look back at how 2015 ended and what 2016 will hold, all in your Monday Morning Cup of Coffee.
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