Absorbing the TRID Blows
Although the implementation of new disclosure regulations was staggering, it provides a learning experience
It's been a difficult few months for the mortgage industry. Facing new regulations from the Consumer Financial Protection Bureau (CFPB), the industry scrambled to prepare, and picked up several bumps and bruises along the way. In the aftermath of implementing those regulations, many mortgage professionals may have found themselves dinged up - but they're still standing. And now before moving onto the next fight, the industry players have a chance to look back and make sure they learned the appropriate lessons from this latest regulatory bout. The expression "set it and forget it," as popularized by infomercials in the 1990s, now seems to be the mantra for the mortgage industry as we continue to assimilate new regulations. This was certainly the case with the recent implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rules. For nearly two years, lenders and their vendors spent countless hours and much of their technology budgets on new TRID solutions and redesigning workflows.
Now that the Oct. 3 TRID-implementation deadline has come and gone, and the mortgage industry is back to business as usual, it's worth looking back to consider why the implementation was so difficult, what the industry could have done differently and what can be done better moving forward. Studying these will help the industry learn from its successes and failures, as well as help establish best practices for improving TRID processes and implementing future regulations...Read More Here.