In a recent letter to the CFPB’s Director Cordray, the Association of Mortgage Investors shed some light on some of the common mistakes that have come about from TRID. The letter addressed industry concerns over mistakes being made, albeit minor mistakes, that are causing problems in the secondary market.
The Association of Mortgage Investors broke down the errors into three different categories:
- Frequent loan estimate defects
- Frequent closing disclosure defects
- Technical and minor errors frequently cited as TRID violations
While the CFPB has indicated they will exercise leniency enforcing TRID in the early days, the industry is hoping that a bill, The Homebuyers Assistance Act, H.R. 3192, designed to give the mortgage industry more defined security on TRID implementation it passed.
The full article can be found here: Examples of common TRID errors