“Many Lenders Struggling with TRID Implementation”
To say that lenders were prepared in just a bunch of hogwash, but slowly but surely most are working through the issues. To say the least, that means that some clients are getting frustrated.
I have been on the phone with a number of lenders going over issues and often when I ask a question, the answer is we just don’t know. That doesn’t give me a warm and fuzzy. The result of some of this meant that I was going to reduce the number of lenders that I do business with, as some are very proactive and work on correcting the problems more than others.
I have done a number of applications since Oct 3rd, the rollout date of the “new and improved” guidelines. These new guidelines are for the benefit of the consumer but none I have talked to think so at all.
OK, let me share with you that I like the new forms, in the long run once everyone is totally fluent with the process it will all work much better. One immediate benefit, as soon as the Loan Estimate and the application have been completed we can immediately order the appraisal. Getting the appraisal ordered early on in the process is much better than waiting.
Yesterday I took a new application, it took me 90 minutes. I wouldn’t tell you how long it took me to do the first couple that I did.
Image courtesy of stuarmiles/digitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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