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#1872847 - 11/20/13 05:35 PM And they're out!
Andy_Z Offline
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TRID - TILA/RESPA Integrated Disclosures Rule
#1872854 - 11/20/13 05:54 PM Re: And they're out! Andy_Z
JWills, CRCM Offline
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The Mitten State
Actually I am shocked that we have until August of 2015 to use them. Thought we would get hit with them next year, along with the rest of the fun!
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#1872863 - 11/20/13 06:11 PM Re: And they're out! Andy_Z
NotDoneYet Offline
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NotDoneYet
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PA
I am curious as to why it took 1,888 pages to simplify everything.
I am glad to hear the APR calculation will remain as is for now.

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#1872869 - 11/20/13 06:34 PM Re: And they're out! NotDoneYet
trout22 Offline
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I guess I'm glad to see that there weren't significant changes from the proposal (at least on the surface we got what we've been preparing for... well, in theory - 20 months gives them plenty of time for new final rules and commentary to be published!) and I'll be happy to wait for the 'all-inclusive' APR/finance charge calc to be considered sometime over the next five years!

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#1872879 - 11/20/13 06:50 PM Re: And they're out! NotDoneYet
Andy_Z Offline
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Originally Posted By: NotDoneYet
I am curious as to why it took 1,888 pages to simplify everything.
I am glad to hear the APR calculation will remain as is for now.


"for now" being the operative words.
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#1872884 - 11/20/13 07:02 PM Re: And they're out! Andy_Z
RR Joker Offline
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I'm not looking, I'm not reading...yet. I think I'll wait until the 2014 stuff is completed. cry Yeah, that's my story and (I'm going to try) sticking to it!
Last edited by RR Joker; 11/20/13 07:03 PM.
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#1872911 - 11/20/13 07:36 PM Re: And they're out! RR Joker
RR Sarah Offline
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What ^^^^^ said!
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#1872919 - 11/20/13 07:42 PM Re: And they're out! Andy_Z
ahkcompliance Offline
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^^^^^^ditto

I don't think my brain can comprehend all of it at once!

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#1872959 - 11/20/13 09:09 PM Re: And they're out! Andy_Z
NE Wx Forecast - Frosty Offline
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SE, Nebraska
I'm waiting for the alphabet groups to begin their campaigns to push the effective date back.

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#1872960 - 11/20/13 09:09 PM Re: And they're out! Andy_Z
YHWB Offline
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Out there

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#1875365 - 12/02/13 10:14 PM Re: And they're out! RR Joker
BeachBaby Offline
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Same here!

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#1876970 - 12/07/13 06:39 PM Re: And they're out! Andy_Z
Truffle Royale Offline

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If you haven't looked yet, let me share that my favorite part of the new docs happens on page 5 of the new combined TIL/HUD where there's a new block for Total Interest Percentage (TIP).

As if it wasn't bad enough to show how much you'd pay over the life of the loan lumped in with the principal balance. Now the borrower on the sample loan will see that over the life of the loan they're going to pay 69.46% in additional monies. What a shocker that's going to be for most people!!!

Glad I'm not a closer anymore. crazy

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#1877090 - 12/09/13 05:21 PM Re: And they're out! Truffle Royale
Ann Offline
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South Carolina
Interesting that the APR appears on the back pages of both disclosures and other "material" disclosures have been omitted from the early disclosure for comparison shopping. Comparison shopping has been reduced to a five-year period instead of life-of-loan, except for the TIP, which appears right below the APR. It IS a shocker.

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#1879241 - 12/17/13 02:55 PM Re: And they're out! Andy_Z
John Burnett Offline
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Cape Cod
Also interesting that the 25-acre exemption under RESPA will be gone. And the fact that the old familiar HUD1 and GFE aren't completely going away. They will still be required for RESPA loans that don't get covered by the new Reg Z integrate Mortgage Loan Estimate and Closing Disclosure requirements.
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#1879254 - 12/17/13 03:11 PM Re: And they're out! Andy_Z
raitchjay Offline
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The 25 acre exemption will hit us hard here.....we make plenty of those loans.
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#1879365 - 12/17/13 05:06 PM Re: And they're out! Andy_Z
John Burnett Offline
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Cape Cod
Are those loans, raitchjay, business-purpose or consumer?
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#1879388 - 12/17/13 05:33 PM Re: And they're out! Andy_Z
raitchjay Offline
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Consumer, for the most part. Just pretty common around here for a person to have their primary residence on 25 acres (or more likely, 100 acres).
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#1880026 - 12/18/13 08:34 PM Re: And they're out! Andy_Z
John Burnett Offline
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Sitting on my third of an acre out her on Cape Cod, I must say I am impressed! I guess my gas-powered 22"-swatch Honda push-it-yourself mower wouldn't be up to the task!
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#1880029 - 12/18/13 08:37 PM Re: And they're out! Andy_Z
raitchjay Offline
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laugh No, probably not. I don't want to over-state it: we have quite a few folks with homes on small lots too, but once you get out of the city (town, really) limits, and in the surrounding smaller towns with lots of rural areas surrounding them, then the big tracts with lots of acreage come into play, and there are a lot of them.
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