Market Share Report – August 2015

As we all make our final preparations for the post-Trid implementation world beginning October 3rd, lets pause a?moment and reflect upon the positive aspects of this change.

{{crickets}} . . . . . . . . . Just kidding!

Seriously, although there?re a lot of changes to deal with, and that?s always hard for people, TRID is not all necessarily?bad. Here are my top five positive takeaways from TRID.

5.?Process Improvement: TRID necessitated that each of us closely examine our internal work flow and processes?with respect to new disclosure timing and accuracy requirements. While doing this, many of us have actually found ways?to improve. There?s no getting around the additional days for providing and reviewing disclosures that TRID adds to a?transaction timeline. Those additional days don?t all need to be tacked onto the end, do they? There?s an opportunity to?gain some of those days by improving origination and settlement process.

4. Systems upgrade: We?ve all upgraded existing systems or moved to new platforms to do our work. For many of?us it?s the first major new program since the 2009 RESPA reform. No doubt that all of this software is more robust than?what we were using. That leads to more productivity and fewer errors.

3. The new forms: Combining and reengineering the Truth in Lending and GFE/HUD-1 has resulted in forms that?are easier for the consumer to understand. (The convoluted title insurance fee disclosure notwithstanding.) For?example, we always wondered why there was no ?cash to close? on the GFE. Now we have that.

2. Fewer last minute closing delays: Oh, closings will still be delayed. But they?ll be delayed four days before the?scheduled closing, not four hours. If the Closing Disclosure can?t? be made on Monday, that?s when we?ll know that we?can?t close on Friday. While a delay is obviously not what anyone wants, the fallout stands to be less when moving vans?haven?t arrived or left yet.

1. Industry Awareness: I can?t think of another time in my career when Lenders, Realtors? and Title Companies?were as aware of each other?s world as we are right now. The nightmare scenarios that dominated early conversations?about TRID definitely got everyone?s attention. All of us now have a much better understanding of each other?s role in?the settlement process. This awareness will lead to further improvements as electronic sharing of information between?the participants in the transaction becomes increasingly more prevalent.

And I?ll give you a bonus positive takeaway: Next year, 2016, will be a year when we can all focus on just being better at?what we do. No new software. No life changing regulatory initiatives. Just each of us, trying to do our jobs better!

~John Bethell

September, 2015