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#2043053 - 10/07/15 02:45 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
CompliantOkie Offline
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CompliantOkie
Joined: Dec 2013
Posts: 420
OOOOOOklahoma
We got our first app late yesterday. Outside our normal market area so there is much scrambling to build a shopping list just as I anticipated and am prepared for.

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TRID - TILA/RESPA Integrated Disclosures Rule
#2043077 - 10/07/15 03:28 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
julesbok Offline
Junior Member
Joined: Mar 2014
Posts: 43
OK
No apps yet, which is good since our LOS still has a few glitches...

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#2043079 - 10/07/15 03:30 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
doodles Offline
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doodles
Joined: Jan 2004
Posts: 493
PA
We actually had our first HE application taken on Saturday and the first conventional mortgage app on Monday so we got to jump in head first!

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#2043109 - 10/07/15 04:53 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
LBG Offline
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Joined: Mar 2012
Posts: 4
Very quiet here, too -- although we try not to utter those words for fear of an almighty jinx! I am feverishly creating an internal manual (of sorts) for our processors. They have had very limited training, which I see as a huge problem! But, I suppose that's what happens when the compliance manager quits during an audit some 3 weeks ago... I digress.

Hoping LO's aren't just smooth talking people away from apps. Maybe it's just a fall break/first part of the month kinda thing.

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#2043171 - 10/07/15 07:21 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
jafo2 Offline
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Joined: Sep 2015
Posts: 5
Still have system issues. MortgageBot was/is very unprepared, no point in calling them they are not helpful or your on hold for an hour and all they do is open a case.

Really pathetic that with all the lead time they weren't ready.

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#2043175 - 10/07/15 07:30 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
#Just Jay Offline
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Cheeseheadland
We'd turned them off on Saturday after their latest release broke our system.
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#2043189 - 10/07/15 08:05 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
Patricia Offline
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Joined: Mar 2011
Posts: 327
Kansas
No loan applications here yet. We are still trying to work out some problems with the LE and CD. Called our software vendor this morning and still haven't received a call back. They will be updating Admin and Production next Tuesday morning and Wednesday morning.

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#2043205 - 10/07/15 08:27 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
newyork Offline
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Joined: Aug 2008
Posts: 413
Received 3 different applications. construction/with purchase of lot, construction/refinance of lot, and all construction loan. all 3 of them are not supported by our system. waiting on fixes, but time is ticking on dates. Hold for hours and do not get answers. having issues with cash to close on these 3 types of loans.

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#2043229 - 10/07/15 10:33 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
HMS Pippii Offline
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Joined: Apr 2003
Posts: 1,636
snorkeling in warm, clear wate...
Just got a refi - LE is good.
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#2043243 - 10/08/15 12:02 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
RR Becca Offline
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RR Becca
Joined: Sep 2004
Posts: 5,245
out of the frying pan...
We apparently still have weirdness in the rounding for the LE calculations in our system. LE's that should have $0 for cash to/from borrower are showing $1 or $2, and we can't fix it without making something in the fee listings incorrect.
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#2043244 - 10/08/15 12:12 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,962
TN
We got our first TRID loan yesterday and I have the LE on my desk for review. It looks good to me.
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#2043248 - 10/08/15 12:35 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
Sinatra Fan Offline
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Posts: 5,568
New Jersey
Received our first application yesterday; haven't seen the LE yet.

Our LOS has a problem with broker loans, which they know and are working on fixing. Gave us a work-around temporary solution; we tested it, and it works; little clunky, but it works.
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#2043249 - 10/08/15 12:42 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
Kathi P Offline
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Joined: Sep 2013
Posts: 15
TRIDmageddon has almost been a non-event for us. Kudos to our LOS for getting the test version out there for us early and also for getting the updates done in a timely manner. We also have some great Compliance resources that reviewed the sample docs and shared valuable insight. Also to the CFPB. Every time I made a phone call, they called me back same day. The rest of my team (originators, mortgage loan administrators and management) bought into TRID by participating in training. They really stepped up to the plate.

I almost felt like I did when Y2K came around. We planned and planned and the day came and went- business as usual.

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#2043265 - 10/08/15 01:38 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
John Burnett Offline
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John Burnett
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Cape Cod
If I am still n the neighborhood the next time a major regulatory change affecting bank systems is in the wind, I hope I have the wisdom to check back here and link to some of these Threads that clearly demonstrate that (1) several vendors delayed too long their efforts to get software updates completed; (2) banks may have also been too slow in pushing vendors to get things done; (3) the Bureau's delay of the deadline may have been perceived by vendors as an opportunity to let internal deadlines slip; (4) banks need to learn how to hold vendors' feet to the fire and include non-performance penalties in their contracts.
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#2043274 - 10/08/15 01:58 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
YosemiteSamIAm Offline
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Guess
Anyone use Fiserv Unifi and do premium pricing? Are you noticing calculation issues where you are off by exactly the amount of prepaid interest shown on the LE?
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#2043279 - 10/08/15 02:16 PM Re: Life after the TRID Implementation Deadline YosemiteSamIAm
#12 Online
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Joined: Jun 2005
Posts: 1,338
Anyone see this?
TRID grace period?
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#2043291 - 10/08/15 02:52 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
Truffle Royale Offline

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I saw that is was pending but I didn't expect much.
The part I didn't know is the first line in the article you linked, #12, specifically, the notion that it's "...defying the threat of a White House veto."
I will now bite my tongue lest this thread go political.

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#2043294 - 10/08/15 02:55 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
YosemiteSamIAm Offline
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Posts: 2,795
Guess
Yes, me as well TR!
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Sorry, did I just use my outside voice?

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#2043302 - 10/08/15 03:05 PM Re: Life after the TRID Implementation Deadline Mary Beth Guard
John Burnett Offline
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John Burnett
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Posts: 39,346
Cape Cod
Obviously, the bill still has to win Senate approval, which may not be certain, and survive the president's threatened veto. There will also be arguments that the agencies (except for the Fed, which doesn't send out a lot of such advisories) have agreed to a reasonable position on enforcement for an indeterminate time, so there's no need for congressional action.
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#2043334 - 10/08/15 03:57 PM Re: Life after the TRID Implementation Deadline John Burnett
Truffle Royale Offline

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From today's ABA newsletter:

TILA-RESPA INTEGRATED DISCLOSURES
Fannie, Freddie Issue Guidance on TRID Compliance, Putbacks
Fannie Mae and Freddie Mac on Tuesday issued letters to the mortgage lenders they work with explaining their posture toward compliance with the TILA-RESPA integrated disclosures, which went into effect for new mortgage applications on Saturday.

Fannie and Freddie said they are “aware that some lenders continue to address the implementation of TRID’s technical requirements. In recognition of this, until further notice, [the GSEs] will not conduct routine post-purchase loan file reviews for technical compliance with TRID.” After this “transitional period,” the GSEs said, they will revisit “whether to begin such reviews for technical compliance.”

Instead, Fannie and Freddie will “evaluate whether the correct forms were used in connection with the origination of a mortgage loan,” which they identified with a good-faith effort to comply. “[F]ailure to use a TRID-required form will be deemed a violation of the good faith efforts standard and will render the mortgage loan subject to all contractual remedies, including repurchase,” they said.

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