To date, there have been 552 comments posted on the proposed TRID rules. About 90 percent are form letters that start:
I am a title insurance professional and I am contacting you today about the proposed rulemaking on TRID. [Insert your personal experience with the Closing Disclosure here]
Many submitters just left the bracketed info in the form letter and had no additional comments other what else the letter had in in it:
"The CFPB missed an opportunity to change the Closing Disclosure's calculation of title fees. Consumers around the country continue to receive inaccurate information at the closing table about their title insurance costs. This provision of the rule defeats the Bureau's own mission to provide consumers with a better understanding of their transaction.
I urge you fix this problem immediately so consumers have a clear understanding of the cost of their real estate transaction."
I also really liked this one- really on point from a TRID perspecitve:
"Everything regarding the mortgage industry is horrible right now. It is horrible trying to keep all of these [censored] documents and rules straight. The hard working people trying to help borrowers continue to struggle. The borrowers are frustrated because the government required appraisal management companies are doing a bad job. I do not know exactly how many borrowers I lost because of the poor performance of these AMCs......."
Censored = the actual word BS. Really?? Government mandated AMCs?
I surely hope that the banking industry has a little more class and can give the CFPB some meaningful input
I look forward to reading your letters.