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A lot more hype than it worked out to be.
Stevens Point, WI
Love or or hate it, its coming. Better to get it going so we all learn and adjust to it. I'm not sure I would call it "excitement" but I am tired of hearing and reading about it. Lets just start it and then we can move on to the next perceived crisis.
LOL. No. I'm not worried about the effects of the changes directly, but the fact that everyone is likely going to be doing things a little bit differently will create a lot of headache. Everyone will think they've got it figured out, but everyones plan of action is likely to be a little different, which should make for some interesting transactions in the first few months.
No effect on me, but do sympathize with anyone who has to deal with more red tape.
Nov. 2017, two years after TRID implementation, here's my observation:
- It holds loan officers accountable for their initial offering of terms and costs, which in turn helps reduce last-minute surprises to the buyer.
- It adds 3 to 5 days or more to the closing process.
TRID was designed to make the lending process more transparent for consumers, and it narrows four separate disclosure forms down to two:
- The Loan Estimate form will replace the Truth in Lending Disclosure form and the Good Faith Estimate.
- The Closing Disclosure form will replace the HUD-1 Settlement Statement and the final Truth in Lending Disclosure form.
New regulations can seem overwhelming at times... but we'll get through the changes and get back to doing what we all do best—serving our clients to achieve their goals.
Yes, I love it. Sure it will be a bigger pain for the lenders and title companies but it will really clarify things for the home buyer,
I just took a class on it and the best thing is that the listing agents will have a harder time steering business to their controlled business arrangements...