The Dodd-Frank Financial Reform act was a joke. And like any bad joke, it just keeps on getting recycled, over and over and over again. Now come TRID. The new financial “reforms” to the tune of hundreds of millions in taxpayer dollars to accomplish exactly nothing. How politicians in DC can allow this to happen simply defies reality.
What is TRID? Basically, it’s a new set of guidelines, enacted in the name of consumerism, to confound, confuse and protract the entire mortgage and settlement process. The time, effort and resources required to close a real estate transaction today far exceed that of a year ago. Buyers can expect regulatory delays as the “30 day closing” has now gone the way of the dodo.
If anything contained within the new TRID guidelines serves to benefit any consumer in any way, I cannot find one person who knows what it is. I would welcome any comments that could illustrate any TRID-related consumer benefit.