You need information on your own "shop" as to number of loans, total dollar amounts and a few details about your bank, mortgage company, credit union or private money to answer about three of the questions.
The survey takes ten minutes if you aren't long winded, as I was about my experience
of thirty years as a Mortgage Loan Officer and banker.
Things they forgot to ask:
1. What is the cost increase to the consumer?
2. Is it unfair that under-served communities who don't have a personal computer
have to wait longer for USPS mailing?
3. Cost increase as to adding employees, buy backs, secondary selling loans
to scratch and dent loan servicers/entities to hold.
4. Cost increase to Borrowers who lost rate locks, didn't close on time in 2015.
5. What can be done to service more minority and rural borrowers who are
inundated by fifty page long emails that they don't or cannot read?
6. Did the increased turn time harm Borrowers? (extra anxiety and time is money).
1919 M Street, NW, 5th Floor Washington, DC 20036 (800) 793-6222 |
The CFPB is currently conducting its assessment of the TILA/RESPA Integrated Disclosure Rule (TRID). As part of its information gathering efforts, the Bureau has prepared a survey for mortgage lenders. Specifically, the survey is intended for “representatives of mortgage loan origination institutions that provide residential mortgages covered by the TRID Rule.”
We encourage you to participate in the Bureau’s TRID survey. While the assessment is unlikely to lead to an immediate rule making, its findings influence the Bureau’s decision on whether future changes are necessary. For this reason, it is important that the Bureau’s TRID assessment accurately reflect the housing finance industry’s experience with TRID rule.
The survey is live and may be accessed using the below link or from the Bureau’s website. As the survey instructions indicate, the Bureau requests that each institution submit only one response to the survey. To find the survey click your closest job title and scroll all the way down to the next tiny blue arrow on the bottom right side of the screen.
The link brings you to a page that lists three TRID surveys: the Loan originator survey, the Loan officer survey, and the Closing company survey. The survey intended for institutions that are mortgage lenders is the Loan originator survey.
TRID survey here: https://www.consumerfinance.gov/data-research/trid-assessment-industry-surveys/
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