TRID LIVE: Industry Partners Highlights
2015 Arizona REALTORS® President Jim Sexton and Grand Canyon Title Vice President Fletcher Wilcox moderated TRID LIVE: Real Stories, Real Solutions — an industry partners conference on February 4, 2016.
Live polling of attendees included these results:
- Transaction delays (80% are closing in 30-45 days; 36% are postponed 2-3 days)
- TRID delays (65.5% due to lender miscommunication; 20.7% last minute contract changes; 12.1% title documentation; 1.7% buyer changed loan program)
- Cure notices (91.6% reported that they are not issuing more cure notices)
- Expectations of simultaneous closings (53.5% reported having simultaneous closings since October 2015 and of those; 69.6% reported no closing difficulties)
Guest speaker Noerena Limon, policy analyst for the Consumer Financial Protection Bureau, spoke about her role as project lead on the “Know Before You Owe” closing time initiative. She also said that the CFPB’s home loan toolkit for buyers is available online and can be customized for sharing with customers and clients.
Matthew Consalvo, CEO at Arizona Regional Multiple Listing Service, reported that the Top 10 ARMLS violations that resulted in a penalty, dropped 36% from 2014 to 2015. He credits the reduction to a recent flat-fee penalty and said ARMLS is working on more automated data-checking processes to catch violations before they occur.
Arizona REALTORS® General Counsel Scott Drucker, Esq. announced that a new Critical Date List was released with updated TRID deadlines. “This is a great listing tool that will help REALTORS® keep transactions on track,” said Drucker. The CDL is also available in Word format, so it can be branded with company information.Tags: ARMLS, CFPB, Consumer Financial Protection Bureau, Fletcher Wilcox, Industry Partners Conference, Jim Sexton, Know Before You Owe, Matthew Consalvo, Noerena Limon, Scott Drucker, TRID LIVE