The Title Report recently hosted a 90-minute webinar, “Navigating the TRID Terrain” sponsored by ClosingCorp. It featured Richard Horn, the former Consumer Financial Protection Bureau (CFPB) attorney who was the principal architect of the TRID rule, and Mary Schuster, chief product officer and executive vice president, regulatory affairs RamQuest, Inc. They trained attendees on navigating the new TRID rule and overcoming the obstacles arising post-TRID implementation.
During these early days of implementation, title agents are facing several challenges including differing lending instructions, shifts in roles and responsibilities, new definitions and calculations, misinformation, and a lack of written scenario-based guidance from the bureau. Schuster said the goal of the webinar was to address these challenges.
“A first step for title and escrow agents is that you have to know what your responsibilities are,” Horn said. “There has been a lot of confusion about that. Unfortunately, I think before the rule went into effect there wasn’t enough attention paid to exactly what a settlement agent’s role is under TRID.”
Schuster agreed.
“What we hear from the settlement community more often than not is, ‘Just tell me what to do,’ ” she said. “ ‘Just tell me what to do and I’ll do it.’ Part of the struggle right now is there is not one answer in the marketplace.”
Together, Horn and Schuster addressed the deviations in lender interpretation and practice, the evolution of the software involved in the transaction, lender indemnification issues and Cash to Close tables. They also addressed curing the simultaneous issue math.
“This is an area where we do not yet have standardization,” Schuster said. “We want to make sure you know there are three acceptable ways. If your lender is asking you to perform the cure in one of these three ways, chances are you’re good to go.”
Horn said that calculating the Cash to Close table is turning out to be one of the most difficult parts of the rule. It was designed to be a very easy to understand method to show the consumer how the breakdown of their Cash to Close and what has changed between the Loan Estimate and the Closing Disclosure.
To learn more about what our speakers had to say on these critical issues, recordings are available for Navigating the TRID Terrain at
www.octoberstore.com/Navigating_the_TRID_Terrain_Webinar_p/orw011216.htm#order