1. "How do they get the Consumer to do the things they must before the deadline?"
In my experience the consumer that is the most anxious to get the loan seems to be the least responsive in providing necessary documentation to get the job done. MADD (Mortgage Attention Deficit Disorder)? I guess.
Sounds like some of our SS’s, eh?
I use simple passive-aggressive techniques like doodling a ‘Hangman’ when meeting in person.
2. "And what happens if they don't?"
Oh, a lot of things. Contract dropping off with seller; being sued for Specific Performance if they otherwise qualify; paying additional for expired rate locks; if such things as FICO change then LLP (loan level pricing) possibly increases the loan above 80% LTV creating cause for MI, and so on. In general a lot of things, for sure more than I can think of.
If the focus is just on TRID, there is a list of valid Change of Circumstances that can cause revised LE’s and CD’s. They are located somewhere here:
http://files.consumerfinance.gov/f/201503_cfpb_tila-respa-integrated-disclosure-rule.pdf
I’m still noodling, or perhaps ‘rooting’ like a warthog to find specific answers myself. If I remember correctly, the LE must reach the customer 7 days prior to consummation. In the case of TRID, Saturdays are NOT counted per the CFPB. Add a Sunday and holiday (like this weekend) and you can see some real hold-up problems.
I hope all can see this is a more than simply “information that might be good to know”. Delays in conducting business affect all of our paychecks.
Some lenders and title companies are more up to speed and have it together while others don’t. As NSA’s it’s good to be associated with the first group.
As with all big changes in life, and this is BIG, there will be some in the chain who will fall out.
More directly to the NSA: (test questions)
- If I, the borrower asks why my LE doesn’t come near to matching my CD what should the NSA look for?
- If I, the borrower ask to see my loan origination cost on my LE can you please show me? (trick question).
These were in the free course material.
REALLY??
BTW, I like your input lately. I don’t read here much these days and input even less. But I try.
My attention deficit hyperactivity disorder causes my mind to wander.
I like fishing
Will we have a Godzilla El Nino?
Is this a good weekend for a garage sale?
Why did you capitalize the word "Consumer"?
There it goes again.
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