CFPB violations

3 Takeaways from the TRID Trenches

By: HousingWire

“Real estate professionals (anyone involved in residential real estate transactions) that are taking TRID seriously are gaining a greater understanding of, and empathy for, the important roles and responsibilities that each participant in the real estate transaction plays, as well as the unique challenges they face.”

As some in the industry continue to oppose regulatory changes and even push for repeal, proactive parties are preparing to use the new regulations to their advantage. Not only are different parties in mortgage transactions becoming familiar with the entire process, but the regional differences in the mortgage closing industry are also becoming increasingly noticeable.

As each party in the home buying and mortgage process becomes more familiar with their individual responsibilities, the biggest positive change stemming from the implementation of TRID should be an improved customer experience.

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