CEO, Mid America Mortgage Inc.
The Consumer Financial Protection Bureau (CFPB) has a worthwhile goal of providing
consumers with a more predictable and transparent mortgage process. Unfortunately, in the
nine months since the implementation of the CFPB’s Truth in Lending Act and Real Estate
Settlement Procedures Act Integrated Disclosure rule, known popularly as TRID, many
originators are struggling to get loans purchased by traditional investors.
The TRID-related errors that are now appearing on many mortgage documents have taken
the luster off of numerous home loans and made them difficult to sell on the secondary
market. In response, savvy investors have found a way to benefit from buying these loans
and curing the errors, which also assists small mortgage lenders that are most in need of
this new market. >>
Illustration by Dennis Wunsch