After much anticipation and concern, the new TRID (TILA / RESPA Integrated Disclosure Rule) documents went into use on October 3rd. Mortgage bankers, realtors and title officers assembled for the Houston Mortgage Bankers Association monthly meeting on October 14 at Maggiano’s restaurant received an update on the forms’ progress from HMBA President Bill Dawley.
“Well, TRID is officially here!” said Dawley. “The first part of TRID - new loan applications on or after October 3rd- is in full-speed-ahead mode. We haven't seen or heard of any broad issues with the new Loan Estimate which replaces the Good Faith Estimate and Truth In Lending. We are cautiously optimist on Part Two, the Closing Disclosure, which replaces the HUD 1 Statement. We will see a few of these in late October but the bulk of these new transactions will appear around Thanksgiving.”
Dawley then turned the podium over to the meeting’s featured speaker, former Astros infielder and manager Phil Garner. Garner, a World Champion with the Pittsburg Pirates in 1979, managed the Astros from 2004 to 2007 and led Houston to a World Series appearance in 2005. In addition to his baseball career, Garner has been in commercial real estate development in Houston since the early 1970s. He also constructs athletic fields and has oil interests.
Garner regaled the audience with tales about his playing and management days. “A manager must manage the players, the press and the owners. I dealt very well with the players. I’d do hours of pre-game interviews with the press – and I figured out that sports writers want controversy. And I was fired a lot as a manager. My owner-management skills were lacking,” he said, laughing.
Retired Astros pitcher Roger Clemons received particular praise. “I loved the guy. Rocket was a team player and a mentor for the younger players. He always went the extra mile to make everyone a better player.”
