Skip to main content

Survey: Mortgage Bankers Ready for TRID Changes

Sep 08, 2015
Survey Pic

The much-anticipated TRID changes are a month away, but the majority of the members of the Lenders One Mortgage Cooperative are ready for the new playing field that awaits them.

According to a survey conducted last month at the Lenders One Summer Conference, nearly two-thirds of the 280-plus Lenders One members stated that they had the tools and knowledge required to handle the TRID changes; 27 percent stated they were “somewhat ready” and nine percent admitted they were not ready. The surveyed mortgage bankers split on whether the delay in the TRID implementation made life easier for the industry or if it had no impact.

"Preparation for the TILA-RESPA integrated disclosure rule requirements has dominated industry conversations for several months, and we've been working closely with our members to provide services and offerings that can help them address these changes," said Daniel Goldman, Lenders One’s interim CEO. "Fortunately, the survey results show that at this point the industry feels relatively well-prepared for the implementation of these new regulations."

As for the near future, 60 percent of the mortgage banker members of the St. Louis-based cooperative stated that next year will be a sellers’ market, while 89 percent of those polled expect the Federal Reserve to finally raise rates before the end of the year. The key issues that the surveyed mortgage bankers believed would impact their growth included loan product innovation (26 percent), increasing home values (22 percent) and lower downpayment amounts (10 percent).

About the author
Sep 08, 2015
Building A Digital Bridge Between Separate Revenue Streams

Menu cloud-based technology capitalizes on the entire borrowing cycle

Economists Less Confident Rates Will Drop Following Fed Decision

After sixth consecutive month with no change, the likelihood of cuts in 2024 feels "more out of reach."

FHFA Final Rule Released

Rule codifies equitable housing programs, GSE Plans

FDIC Announces Closure Of Republic First Bank

The Philadelphia-based lender's 32 branches will now be served by Fulton Bank

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.