No Problems with TRID 'So Far,' Homebuilder Says
The new mortgage disclosure regime mandated by the Consumer Financial Protection Bureau has not caused any problems so far, according to one of the nation's largest homebuilders.
"We were ready for it," said Richard Dugas, chairman, president and chief executive of Atlanta-based PulteGroup.
He said that Pulte Mortgage has loans in production that are subject to the Truth-in-Lending Act and Real Estate Settlement Procedures Act integrated disclosures, which are slated to close in October.
"But we haven't seen it as an impediment to this point. So far, so good," Dugas said during an earnings conference call last week in response to a question by an equity analyst.
The TRID disclosure requirements went into effect Oct. 3.
Dugas said that industrywide, lenders and homebuilders appear to be in good shape. But he said small lenders could have issues.
"I think it is too soon to tell from an industry prospective," he added.
PulteGroup has not felt the need to extend its homebuilding sales contract to accommodate TRID, according to Debra Still, president and CEO of Pulte Mortgage.
"Pulte Mortgage currently offers rate locks from 10 days to 330 days and does not feel the need to modify its current offering," she said in a statement. "Our first TRID closing is scheduled for this week and once closed will have resulted in a 21-day processing time."