The tales from the TRID are beginning to roll in, including one from an up-an-coming mortgage banking firm that reports its first closing with the new disclosures.
Home lenders are now subject to new integrated disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
Otherwise known as TRID, the new disclosures created by the Consumer Financial Protection Bureau impact loan applications that were received on or after Oct. 3.
Initially, just the Loan Estimate was required as part of the application process.
But many had been concerned that the Closing Disclosure, which must be completed three days prior to closing, might end up lengthening the processing time by weeks.
While many transactions might end up taking longer to close, an Oct. 20 announcement indicated that Movement Mortgage LLC has closed its first post-TRID loan.
Movement, which was founded in 2008 by its president and chief executive officer and former NFL player Casey Crawford, previously reported that its mortgage originations climbed from $3.3 billion in 2013 to $4.3 billion in 2014. First-half 2015 volume totaled $3.5 billion.
The news release, issued by Docutech,
indicated that Virginia Beach, Virginia-based Movement has been just one of several lenders to successfully close TRID loans.
Docutech claims that Movement and the other lenders utilized its document generation and delivery technology to sail through the new process.
“Movement Mortgage successfully closed their first post-TRID loan with no interruptions in mid-October,” the statement said. “Company executives cited the ease of generating and delivering the disclosures and closing documents using Docutech as a key to making the transition to the new standards.”
