The new Treasury Secretary Steven Mnuchin was on CNBC recently talking about one of real estate’s and lending’s greatest pain points of 2016. One that almost brought the entire industry to its knees, according to many. Of course, we are talking about Dodd Frank and TRID.
Dodd Frank and the CFPB probably aren’t going anywhere, though there could be some revisions and deletions. I think the entire industry is hoping these decision-makers consult with NAR, MBA, NMBA, the banks and the credit unions before taking action.
The Dodd Frank/TRID rules say a consumer now needs to wait three days to finalize a home purchase, which the Resource TV doesn’t agree with. The hosts state “now, that’s just silly. The consumer just waited 20, 30, 40 days and survived the entire underwriting and appraisal process. The last thing they need is more time to think about their purchase! For God’s sake, let them close and move in already!”
Watch the episode above to hear even more of their take on Dodd Frank and the new treasury secretary.