One Month Into TRID: Fear of Disclosing Buyer Info, Slow Payments to Realtors and a Huge ‘Time Suck’
November 5, 2015
A month has passed since the mortgage industry began making new Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosures (TRID) without any reports of anticipated and widespread delays in loan closings. That’s the good news. The bad news is that some lenders are being overly careful on sharing the buyer-disclosure form, which is used to pay third parties involved in the mortgage process. And that means certain vendors, including Realtors, aren’t getting paid in a timely fashion. According to interviews conducted by Inside Mortgage Finance over the past week, there also appears...