Has TRID Really Made Transactions Easier For Consumers?

TRID Experience, Seller Financing, and Fund Assembly!

Dear Members,

TRID STILL WITH US:

I just spent two days at an ALTA conference with agents and abstractors from around the country. We discussed TRID for an hour and a half - where we are, what issues still remain out there, etc. There were lender representatives there from Wells Fargo and First Choice Loan Services. After a lot of back and forth about numbers shown on Loan Estimates vs. Closing Disclosures, the challenge of communication between lenders and settlement agents, portals, are 30 day closings still possible and on and on, the question was finally asked: Do we think TRID has made the closing process better for the consumer?

What do YOU think? In answering that question, I urge you to put yourself in the shoes of the consumer, clear your mind of what you and your staff go through under TRID to get ready for a closing, and focus on the consumer experience.

• How do consumers react to getting the Closing Disclosure three days ahead of time? Do they say it was helpful? Are they neutral?
• Are Closing Disclosures changed between the original delivery and the final closing most of the time? When they do change, does that create a lot of anxiety for the consumer? Is that anxiety different from pre-TRID when HUDs constantly changed up until the last minute?
• Is the Closing Disclosure a better format for explaining loan terms and the transaction?

Send me your thoughts, I would love to hear from you. This type of feedback, even though anecdotal, can be very helpful in shaping how we design webinar topics and other resources.

CALL TO ACTION RE: SELLER FINANCING

I am exploring ways to make changes in the CFPB rules regarding private financing, specifically changes to the seller financing exemption rules that dictate the terms a seller can offer, limiting the exemption to sellers that are individuals and creating exemptions for individuals to make loans to family members. I am looking for a small group of members (8 to 10) that are willing to spend some time on this issue. Your efforts would include telephone conferences to identify specific issues, identify possible solutions, strategize about who to approach in Washington and how to approach them, and drafting the language we would like to see in the amended rules. If you are interested in helping with this effort, please let me know.

FUND ASSEMBLY:

On a separate note, registration is now open for the Fund Assembly 2016. If you register before the end of the month you'll receive your tickets at a discounted price. At this year's Fund Assembly we will be covering very important topics to help Members with the new regulations including a CFPB Practice Tips Panel on Saturday morning.

You can register for Fund Assembly at thefund.com/assembly.

Thank you for the opportunity to share these ideas. As always, thank you for your support of The Fund.

Best Regards,

Melissa Jay Murphy
Senior Vice President and
General Counsel