TRID Challenges

In the News

Presented by Prairie Title            

Commentary by Frank Pellegrini, Prairie Title CEO  

November 18, 2015

I just returned from the National Association of Realtors Annual Convention where much of the talk was centered on prospects for the future, marketing to millennials and cybersecurity. I was invited to make a presentation to convention attendees about progress in implementing our new closing process in the TRID era. As I told the audience, we are experiencing broad differences in preparedness and processing, and refinance transactions have proceeded more smoothly than purchases. Challenges we have encountered include:

·         Loans through the Veterans Administration are made more complex due to the required allocation of credits and charges between buyers and sellers.

·         Implications of the notice period and having all the transactional details from all parties on time.

·         Calculating and agreeing upon the disclosure amount for title insurance in accordance with the formula prescribed in the Rule.

·         Accessing the “mid-ware” platform for uploading and downloading collaborative information with lenders.

By the time the traditional home-buying season is in full swing we’ll all be much better versed in the new lending and closing process, and transactions ought to be proceeding more smoothly for consumers and industry professionals alike. We’ll keep marching toward that goal.

Meanwhile, on the cybersecurity front, one of the NAR forums focused on how small real estate businesses, agents and their clients are fast becoming the targets of sophisticated cyber scammers. Melanie Wyne, NAR technology policy expert said that while we often hear in the news about large companies falling victim to hackers, small businesses, which often lack the vast technology and legal teams of larger businesses, actually account for the majority of attacks.

As we and our vendors continue to update our software and systems for the new closing environment, being extra vigilant about securing the information consumers entrust to us is more critical than ever.

Let’s keep the discussion going. Call or email me, or write a comment below.

 

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