All that disruption, dislocation, and confusion new mortgage closing rules were supposed to cause? Yawn. All's good.
CNBC correspondent Diana Olick checks in with Mortgage Bankers Association president and ceo David Stevens for perspective on the big whup that the Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure Rule seems to be causing since its early October effective date. Goes to show, a name that sounds like a disease, TRID, is not necessarily all that toxic. Olick writes:
"Closings are faster because they [borrowers] have read all the forms," said Stevens, recounting a conversation he had recently with a national homebuilder.Some smaller lenders, who don't have as sophisticated systems are struggling somewhat, according to Stevens, but that is not the vast majority of the market.