Deciphering TRID Through Communication
Borrowers Closing Lenders TRID 2016-03-23 Scott_Morgan Deciphering TRID Through Communication Share March 23, 2016 798 Views 
in Daily Dose, Featured, News Here’s something that sounds counterintuitive: When it comes to closings, borrowers over the past six months have experienced longer timeframes and witnessed higher post-closing costs than they saw before TILA-RESPA Integrated Disclosure (TRID) was fully implemented in October. And yet, they are highly satisfied with the entire, tangled, frustrating closing process.The reason, according to Georgia-based strategic advisory and consulting firm STRATMOR Group, is so old-fashioned it almost comes with its own horse and carriage driver: lenders are talking more to borrowers.STRATMOR Wednesday released its latest MortgageSAT survey on the impact of TRID on borrower and lender satisfaction. What it found was that TRID is being well-received by borrowers but not so well by lenders.For borrowers, there is a significant level of satisfaction‒‒around 90 percent‒‒among those who have been contacted by their lenders about what the closing process will entail.Dr. Matthew Lind, senior partner and founder of STRATMOR, said in a phone interview Tuesday that customer satisfaction has risen among borrowers from 87 to 91 percent, the highest since the firm launched MortgageSAT in 2013. This satisfaction rating coincides extremely closely to the rise in the number of borrowers who reported they’d been contacted (as per TRID guidelines) by their lenders before closing.Lind said that the simple act of a lender, say, telling clients up front how many forms will be involved (rather than piecemeal sending them a form here and there) or giving borrowers the address and time of the closing has dramatically raised customer satisfaction. In fact, he said, the difference between happy customers and unhappy ones is a major gulf. Among 13,000-plus borrowers who said they were contacted by the lender prior to closing, 94 percent were satisfied; among the 1,022 who weren’t, only 60 percent were satisfied, he said. “That’s abysmal.”Lind also said that in the rush to find better ways to serve customers, a lot of lenders overlook the simple and free solutions like texting, emailing, or simply calling once or twice to fill clients in on what’s happening.“We try to look at all the factors that improve satisfaction. Some of them could be costly, but most of them cost nothing. None of them involve rocket science.”Dr. Matthew Lind, STRATMOR GroupIn fact, Lind cited a famous 1989 article in the New England Journal of Medicine that identified home repairs‒‒not death, divorce, or financial ruin‒‒as the No. 1 cause of stress among Americans. The reason: because contractors never told homeowners anything and the guesswork and frustrations make things much worse than they need to be.The longer closing times‒‒an average of 48 days‒‒borrowers face seems to be of little concern, as long as they are in the know about what’s going on with their mortgage deals, Lind said. If it costs more and takes a longer time, but people feel they it’s all worth it, “we think that’s a fair trade,” he said.Among lenders, satisfaction with the TRID process is a different story, STRATMOR found. According to the survey, independent lenders were generally ahead of banks in TRID implementation. This implementation was fully accomplished at 72 percent of small and 80 percent of mid-sized independents, the survey found. Conversely those numbers were 33 and 44 percent, respectively, for small and mid-sized banks.In fact, the report found, banks seemed to have a harder time with implementation all around, with 31 percent characterizing their experience under TRID as either “difficult” or “terrible,” versus only 16 percent of independents reporting similar results.One of the issues lenders are facing is that closing costs are up by an average of $209 per loan since October, and that lenders, Lind said, are primarily eating the costs. Those costs, he said, are expected to dip back to somewhere between $160 and $180 per loan.“Implementing TRID has obviously not been easy for lenders,” Lind said. Along with eating those increased closing costs, he added, “lenders are estimating that only about 17 percent of those costs can be recovered through additional charges.”Lind said that one additional frustration among lenders that typically affects larger institutions more than independents is that in non-independent lenders (such as larger banks), the loan officers are not in control of the technology; it’s more of an extension of the IT department, whereas smaller independent lenders tend to have systems everyone can work and use effectively.The bottom line as Lind sees it, though, is, that lenders will in the long run do well with repeat clients if they take simple steps towards customer satisfaction, such as training representatives how to stay in contact and simply inform borrowers during the closing period.“We try to look at all the factors that improve satisfaction,” he said. “Some of them could be costly, but most of them cost nothing. None of them involve rocket science.”
LenderLive 2017-08-16 Brianna Gilpin in Government, Headlines, News Share August 16, 2017 571 Views 
LenderLive Document Services, a LenderLive Services LLC company, recently announced that Fannie Mae and Freddie Mac have certified their Uniform Closing Dataset (UCD) XML file as meeting all UCD requirements months ahead of the September 25 deadline for meeting all UCD certification and delivery requirements.After undergoing detailed, extensive testing protocol to make sure the UCD XML file met all GSE requirements to deliver data and documents in a GSE acceptable format, the LenderLive UCD XML file is now able to embed and deliver closing disclosures (CD) as associated data to the borrower. They will also prepare the UCD with seller data as part of the 2018 requirement.“Having our UCD XML file certified by the GSEs ensures that our clients will experience zero transition issues, complying with the upcoming requirements,” said Jonathan Kunkle, General Manager of LenderLive Document Services. “We have fully embraced the need and the ongoing benefits of the UCD initiative to provide standardization, transparency and consistency for the lending community.”The UCD is a part of the Uniform mortgage Data Program, which is an ongoing initiative by the GSEs at the direction of the Federal Housing Finance Agency to create a common industry dataset to support the Closing Disclosure requirements set by the Consumer Financial Protection Bureau.Lenders selling loans to the GSEs with a note date on or after September 25, 2017 will be required to submit the UCD XML file, including a PDF copy of the CD, this fall, prior to delivery of the final loan package to the GSE. The GSEs will initially only require borrower CD and associated data, but will include lenders providing seller CDs and associated data in the UCD file as well after one year. LenderLive Document Services Gets GSE Green Light
Credit: Ron LiBrandi These pod-like holiday homes were constructed on Taiwan’s northern coast in the late 1970s. The plan was to create a luxurious and family-friendly resort near to New Taipei city. But while they might not look like your average haunted houses, there’s something incredibly eerie about this derelict site. The project was abandoned in the 1980s due to lack of investment and a number of mysterious incidents, including several accidents which took place during construction. Some locals believed that construction workers brought bad luck on themselves when they demolished a Chinese dragon sculpture in order to widen the resort’s main entrance road. The world’s top 5 creepy abandoned attractions Credit: Chao-Wei Juan This sprawling, rural resort was once one of America’s most popular hotels for honeymooners, who came here to relax in the spa and to soak in the famous heart-shaped bathtubs. It started life as a bar but quickly expanded, and when its last guest checked out in 2009 there were over 100 rooms. It was – and still is – wonderfully kitsch. Rooms have floor-to-ceiling carpeting and round beds, and the swimming pool – now filled with algae – is shaped like a wedding bell. So what went wrong? The resort’s owner, Frances Paolillo, died in 2009, and it soon became obvious that there were major financial problems. The resort closed less than two months after Paolillo’s death, and workers claim they never received their final paychecks. The resort quickly fell into disrepair this year, it was finally sold, although what will happen to the site isn’t yet known. Sadly, it’s not possible to stay at these creepy hotels, but if you do fancy spending the night with some ghost and ghouls, check-in to one of the UK’s most haunted hotels. North of Kobe in Japan, halfway up Mount Maya, stands the Art Deco Maya Hotel, only accessible by cable car or via a steep hiking path. Built in 1929, the hotel has suffered untold calamities throughout its history: it suffered heavy bomb damage in the Second World War and six years after reopening in 1961, it was heavily damaged by a typhoon and mudslides, forcing it to shut its doors once more. It eventually opened again in 1974, this time as a student centre. Rarely used, it was closed for good in 1995 after suffering further damage during the Great Hanshin Earthquake. Despite being battered by the elements, it’s still possible to see the building’s faded beauty and admire the Art Deco architecture. Credit: ©Ballantyne108, CC BY-SA 3.0 Want to see more of the world’s creepiest places? Check these out: 9 creepiest ghost towns in the world 6. Kolmanskop, Namibia Hachijo-jima is a semi-tropical island located nearly 300 kilometres south of Tokyo in Japan. After the Second World War, the island gained popularity as a tourist destination – the Japanese government promoted it as the “Hawaii of Japan”. But gradually tourism began to decline as Japan’s wealth increased and tourists began seeking out the real Hawaii or heading further south to the tropical islands of Okinawa.The ten-storey Hachijo Royal Hotel opened in 1963, and at the time it was one of the biggest hotels in Japan. After various changes of ownership and several attempts at rebranding, it eventually closed over a decade ago. Since then it’s rapidly decayed in the tropical, humid climate. Twisting, Triffid-like vegetation has quickly pushed its way through the cracked concrete, and the rusting hulks of abandoned cars remain parked outside. Weary locals avoid the site, describing it as one of Japan’s most haunted hotels. 7. Penn Hills Resort, Pennsylvania, US ReturnOne wayMulti-cityFromAdd nearby airports ToAdd nearby airportsDepart14/08/2019Return21/08/2019Cabin Class & Travellers1 adult, EconomyDirect flights onlySearch flights Map Skyscanner is the world’s travel search engine, helping your money go further on flights, hotels and car hire. The UK’s most haunted hotels Do you dare explore the world’s scariest ghost towns? Come with us on a spooky historical tour. 3. Bokor Hill Station, Cambodia 5. Varosha, CyprusIn the 1960s and early 1970s, Varosha in Cyprus was a booming seaside resort. Celebrities such as Elizabeth Taylor, Brigitte Bardot and Richard Burton booked its luxurious rooms months in advance, eager to soak up the views of the bustling seafront. This all changed in July 1974, the Turkish army invaded. Varosha’s 45,000 fled, leaving behind a ghost town. But the advance stopped just outside the town and an uneasy truce was reached. Today Varosha is a no mans’ land wedged between Turkish-occupied northern Cyprus and the Greek armies to the south. Residents hoped to be able to return to their homes as soon as the deadlock was resolved. More than 40 years later, they’re still waiting. If you love to scare yourself silly on holiday, why not check out the world’s nine creepiest ghost towns? This Namibian town was founded by German settlers in the 1900s. They came here in search of diamonds, and many made their fortunes here after finding the precious stones beneath Namibia’s shifting sands. The first residents made good use of their new-found wealth, building a casino, tram line, ballroom, school and hospital. By the time WWI had ended, the supply of diamonds was running low and and Kolmanskop was finally abandoned in 1954. Today, it’s one of Namibia’s most popular tourist spots. Every year thousands of visitors arrive by jeep to walk through the knee-deep sands and peer into the deserted houses. It’s also been used as a setting for countless films and photo shoots. In 2011, Agyness Deyn came here to shoot a fashion spread for Vogue. Some of Kolmanskop’s buildings have now been almost entirely swallowed by sand. Visitors need a permit to enter the town, and there are daily guided tours. 1. Sanzhi UFO houses, Taiwan 2. Maya Hotel, Kobe, Japan Today, Bokor Hill Station is a derelict cluster of abandoned buildings, but when it was built in the early 1920s, the plan was for it to be a luxurious resort catering to wealthy French colonials. It’s remote location and Cambodia’s hot, muggy climate caused problems from the outset, and 900 people died during construction. It opened in 1925 but was abandoned 15 years later during the Indochina war. in 1962 more buildings were added, including a casino. But in 1972 the Khmer Rouge took over the area and the resort was abandoned once again.There are now plans to turn the resort into a luxury holiday resort once more, and the Cambodian government has recently finished construction on a new highway which will make the site much more accessible. But today, the only building still in use is a small temple. From eerily silent theme parks to hotels that never opened their doors: check out these tourist attractions that have been left to rot. 4. Hachijo Royal Hotel, Japan Believe in ghosts? No? Are you sure? We reckon you might have a rethink after a stay at one of these haunted hotels where fright night is every night. Credit: ©JP Haikyo, CC BY 2.0 Related7 of the world’s creepiest abandoned holiday resortsAvoid long queues at the reception desk or fighting over the last sausage at the breakfast buffet – guests are few and far between at the following abandoned, and strangely beautiful, resorts.Sleeping with the fishes: the world’s best underwater hotelsFan of unusual hotels? Well, staying in a room with an under-the-sea view is no longer a sci-fi dream; get your snorkel gear on and take a peek at these crazy underwater hotels, from Dubai to the Maldives.Ghost towns: 10 eerie abandoned places around the worldAbandoned houses, roofless and wind-whipped. Rusting railway lines, stretching off to nowhere. Empty streets, punctuated with just one set of footsteps. From Australia to the UK, check out these eerie ghost towns and villages around the world.
The Turkish Cypriot side is merely using the hydrocarbons issue as an excuse not to return to the negotiating table, government spokesman Nicos Christodoulides said on Wednesday.In comments to public broadcaster Cybc following the departure late on Monday of the drillship Saipem 12000 belonging to Italian giant ENI, which was under a Turkish blockade for two weeks, Christodoulides said the Turkish side was simply not ready to resume talks.He said that although the UNSG’s Special Representative Elizabeth Spehar had met Turkish Cypriot leader Mustafa Akinci on Tuesday and the Greek Cypriot side had been briefed, “we have not heard anything new from what we have heard through public statements recently”.“What everyone understands, including the international component, is that the Turkish side is invoking the issue of energy because they are not ready to resume talks,” Christodoulides said. This was clear because the issue of natural resources had been resolved at the negotiating table a long time ago, he added. Also, he said, there did not seem to be any willingness on the part of the Turkish side to end the provocations within the island’s EEZ.“The Turkish Cypriots must decide what future they want, with Turkey or with a reunited Cyprus as an EU member state. We need to be very careful not to create the impression that the issue of gas is the reason why the talks do not resume.”Christodoulides also responded to recent tough stances taken by the north’s ‘foreign minister’ Kudret Ozersay and ‘energy minister’ Ozdil Nami putting forward ultimatums that either the Turkish Cypriots co-manage the gas plans or they should be frozen pending a solution. Nami also threatened that Turkey would prevent drilling plans in all of Cyprus’ EEZ blocks, while Ozersay suggested that the Turkish side “should continue acting in a deterrent manner”. He also said that “if necessary” a bilateral “delimitation agreement” with Greek Cypriots for separate EEZs “might come onto the agenda”.Christodoulides dismissed the comments of both, saying they were acting with an eye on the Turkish Cypriot elections in 2020. But President Nicos Anastasiades responded to Ozersay’s comment later on Wednesday saying he wished to handle the situation “in a calm manner, with patience and tolerance”. Actions were being taken through diplomacy, he added.Meanwhile Turkish media reported on Wednesday that Ankara had sent a “mini fleet’ to the east of the ‘TRNC’ to keep an eye on the situation in the Aegean Sea and the hydrocarbons’ exploration of the Greek Cypriots in the Eastern Mediterranean. Turkey had sent two frigates, one corvette, two assault boats and one oil carrier, media said, celebrating the fact that the ENI drillship had left Cyprus’ EEZ.Also in Cyprus on Wednesday was Jean-Pierre Lacroix, Under-Secretary-General for Peacekeeping Operations. During his visit he is to meet peacekeepers, members of the diplomatic community and the Committee on Missing Persons.The aim of the visit is to monitor the implementation of the strategic review of Unficyp. Reports said he would also meet the leaders of the two communities and that it was almost certain Lacroix would convey to UNSG Antonio Guterres the views of the two leaders on the negotiations. You May LikeDr. Marty ProPower Plus Supplement3 Dangerous Foods People Feed Their Dogs (Without Realizing It)Dr. Marty ProPower Plus SupplementUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoSecurity SaversWindows Users Advised To Do This TodaySecurity SaversUndo Turkish Cypriot actions in Varosha ‘a clear violation’ of UN resolutions, Nicosia saysUndoConcern over falling tourism numbersUndoPensioner dies after crash on Paphos-Polis roadUndoby Taboolaby Taboola
The Court of Justice of the European Union (CJEU) rejected lawsuits filed by depositors at Bank of Cyprus and Cyprus Popular bank for impairments suffered in 2013.“The Court concludes that the individuals and companies which initiated the actions have not succeeded in demonstrating an infringement of the right to property, of the principle of protection of legitimate expectations, or of the principle of equal treatment,” the CJEU said on its website on Friday. “Since the first condition for establishing the non-contractual liability of the European Union –namely unlawful conduct alleged against an EU institution– has not been satisfied, the court rejects the claims for compensation”.The court ruled on lawsuits filed against the Council of the European Union by two groups of plaintiffs, individuals and companies, which were at the time depositors, bondholders or shareholders of the two banks and included the Nicosia-based Kypros Chrysostomides & Co. law firm. As a result of measures taken to stabilise the financial sector in Cyprus, depositors at Cyprus Popular Bank, also known as Laiki, lost all their deposits in excess of €100,000 while those at Bank of Cyprus saw almost half of their uninsured savings converted into equity. Depositors lost €8bn and bondholders €1.5bn.“In order for the European Union to incur non-contractual liability, a number of conditions must be satisfied,” the CJEU said. These conditions include the unlawfulness of the conduct complained of the EU institution, the reality of the damage and the existence of a causal link between the conduct of the institution and the harm invoked.The court ruled that the property rights of affected depositors, bondholders and shareholders had not been violated as the result of the measures applied in accordance to the memorandum of understanding (MoU) signed by Cyprus with its international creditors. Apart from losses for depositors, it also included the sale of the operations of Cypriot banks in Greece, the conversion of contingent convertible bonds into equity and a temporary freeze of deposits.All the above measures “did not constitute an infringement of the right to property,” the CJEU said and added that the individuals and companies could not derive a legitimate expectation from of the acts and conduct invoked in their actions.You May LikeKayak.comFind Great Hotel Rates – Save 25% or More with KAYAKKayak.comUndoTheHealthyLifeTips.comUse these Health Tips Every Day to Change Your LifestyleTheHealthyLifeTips.comUndogamersrack.comHave You Ever Heard Of Highland Cattle Cows? Check These 20 Adorable Baby Here!gamersrack.comUndo Fresh case of Blue Nile virus in northUndoTwo of serial killer’s victims buried in PhilippinesUndoState Legal Service condemns attack on attorney-generalUndoby Taboolaby Taboola