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The Upside of TRID Implementation: Uncovering the Gaps

David Lykken
Feb 17, 2016

Implementing TRID has, for many organizations in the mortgage industry, been almost as much of a headache as it was preparing for the implementation. We've run into countless hurdles that we couldn't have anticipated, and the additional strains on the business have slowed down the closing process. But, is there anything good that we've gotten out of TRID implementation?

On the Feb. 8 episode of my Lykken on Lending podcast, we have the opportunity to discuss TRID implementation with mortgage law expert Loretta Salzano. According to Loretta, one of the chief trends that has been occurring with TRID implementation is that organizations have been discovering other regulatory deficiencies in their business processes. Because of TRID, companies are identifying potential problems that they never knew were there.

The good thing about regulation is that it forces us to take a good, hard look at our businesses. Yes, I certainly think it can be argued that regulators have overreached their bounds and that the industry—for both lenders and consumers—has been negatively affected by excess regulation. But, for each of us trying to operate our businesses with integrity on a day-to-day basis, regulation does bring to our attention things that we would not likely notice without it.

I believe that most of us in the industry want to be as fair and transparent as possible with consumers. We want to be profitable, but we want to do it the right way. We want to be trustworthy, and we want to be in business for the long-haul. But, sometimes, it takes an outside perspective to call attention to the things we're lacking. Is all this regulation a good thing? On the whole, maybe not, but let's take what good we can out of it and fix what's broken while we see it. The future will thank us ...


David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at David’s phone number is (512) 759-0999 and his e-mail is [email protected].

Feb 17, 2016