Life Under TRID: Working With Tech Vendors a Big TRID Problem for Many Lenders
May 16, 2016
Fannie Mae’s Economic & Strategic Research Group surveyed senior mortgage executives earlier this year and confirmed that lenders are still facing challenges in complying with the CFPB’s integrated disclosure rule known as TRID, according to new findings released by the government-sponsored enterprise last week. The controversial rule integrates the consumer disclosure requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act. According to Sheila Teimourian, vice president and deputy counsel at Fannie, more than three-quarters of the lenders surveyed indicated that the two biggest challenges were managing or coordinating with third-party technology vendors and communicating with key players, such as the buyer, seller and loan officer. About eight in 10 of those who cited coordinating with ...