TRID implementation might have seemed like a lot of work to get the ball rolling, but there are benefits associated with it. Although there’s plenty of advice out there about how to best succeed with implementation, thinking about this from a positive perspective is all about turning the tables on a traditional view of new regulations. TRID actually offers lenders the potential to engage in a better way with their customers. Is it time for you to reframe how you see TRID? Read on to see the biggest reasons that TRID might actually work in your favor.
Better Relationships with Realtors
A lender is now the responsible party when it comes to the Closing Disclosure. In the past, this was usually handled by the closing agent. Now, though, lenders can work with the closing agent to figure out who should be responsible for preparing that disclosure. Setting up expectations about who will communicate with the customer and what information can be shared is a joint discussion if the lender so chooses. This can increase the benefits of the relationship between the realtor and the lender. Since real estate agents often have a lot of influence, this is a great opportunity to build goodwill with the realtors already in your network and those you’d like to include in the future.
More Interaction with Customers
TRID makes it so that you have more touchpoints with your customers, which provides the chance to build a better relationship with them. Since most customers are not going to understand the new deadlines without some education, the lender can enhance the relationship by providing an outline about what the customer can expect.
Once a lender has a better idea of the complicated timing (like the difference between a creditor business day and a business day), the lender can set up a structured process for times when the consumer needs to be contacted.
More Informed Consumers
As lenders provide more education about the forms, upfront information about guidelines and borrower protection can only boost the relationship between lender and borrower. This is a great chance for lenders to talk about what has not changed while explaining what is new. If an education effort is handled properly, this will reduce confusion and eliminate the amount of questions received by lenders from borrowers.
Better Questions from Borrowers
Speaking of questions, initially the lender will need to provide some education to the consumers so that they understand what these documents are. But this is also an opportunity for the lender to review the materials and plan ahead for likely questions. If you were in the borrower’s seat, what questions would you have? What would still be unclear just from looking at the materials?
All in all, TRID can be beneficial for those lenders who value relationships a lot. Perhaps your office could reconsider the view of TRID and turn it into a positive this fall.