In the News Presented by Prairie Title
September 1,
2016
Now is the Time to
Comment on TRID
By Frank Pellegrini, Prairie
Title CEO
The Consumer Financial Protection Bureau published its proposed updates to TRID Monday, August 15, thus initiating the 64-day period in which the public can make comments about what CFPB has proposed and what might be missing. (Hint: The confusing way in which title insurance fees are disclosed is unchanged). Here’s an explanation from the MReport of how to submit comments.
I urge you to familiarize yourself with the changes proposed by CFPB, and make your feelings known publicly if you’re so inclined. We’re all working to get better at implementing the new system, and as things continue to shake out I have no doubt that the real estate industry will adopt a new “normal” closing process that is smooth, consistent and time-sensitive.
On the bright side, it seems as though the long-awaited movement of millennials into the home purchase market might be underway. The New York Times last week ran a perspective based on the recent Census Bureau report showing that more new homes were sold in July than in nearly a decade.
“Thank millennials and thank homebuilders who are starting to produce more of the starter houses young people demand,” is the way the Times put it. Let’s hope that’s a trend. Millennials would provide just the shot in the arm our industry needs if they start moving toward home ownership in large numbers.
What’s your point of view? Keep the conversation going by calling or emailing me, or write a comment below.
Other stories we’re following:
Rate hike in the offing?
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