Is panic over TRID rule justified?
Depending on what one reads and believes regarding the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October, the rule is either no big deal or a really big deal. When the ‘Know Before You Owe’ mortgage disclosure rule took effect couple of months ago, many believed that its implementation would paralyze the market. So far the opposite is true. In fact, applications for home purchase mortgages were up 22% year-over-year in October. Those stats indicate that the transition to the new rules is going fairly smoothly.
It seems like several companies in the title industry are still experiencing issues due to TRID implementation. At Easy Soft, we are mindful of these concerns. And despite the dark statistics, we believe TRID rules are just starting to come to light.
The industry has been pushing the government to pass the Homebuyers Assistance Act, which provides a four-month grace period for businesses that are working in good faith to comply with the new CFPB rule. And while the measure is currently waiting to go to the Senate for consideration, Easy Soft is just focusing on providing real estate attorneys or settlement agents more tools to streamline closings.
We’ve made ALTA forms available in our system because we listened to our clients and understood this is really a requirement. And in the coming months, we are excited to release more powerful features so stay tuned!