THIS IS NO ORDINARY SUMMER IN WASHINGTON. And it's not because the weather is any different. (It's not.) It's not because the traffic isn't noticeably lighter. (It is.) It's not because men in suits look uncomfortably warm. (They do.)
So none of that is any different than countless other D.C. summers.
But this one is different for a reason. It's because the new Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) rules go into effect on Aug. 1 and have the potential to be the most disruptive change the industry has seen in a generation. (Note: As we went to press, the Consumer Financial Protection Bureau [CFPB] announced it would seek to move the deadline for the rule to Oct. 1.)
Even so, it probably should have come as no surprise when I poked my head into Dave Stevens' office on June 4 that he was standing upright, at attention, at his new standing desk. And there were two new giant adjoining monitors rising up on silver arm braces from his desk. There were wires coming off the back of his new VARIDESK Pro Plus 48[TM]. It all looked like air-traffic control on steroids. Apparently this is the new command module.
It made him look like the captain of the ship, the pilot of an industry riding out some upcoming turbulence.
So what's the backstory here about the new standing-desk arrangement?
The quick explanation is that the chief executive of the Mortgage Bankers Association (MBA) took a tour of Detroit-based Quicken Loans' offices and the company uses desks that you can stand up at. Each employee has a desk that can be converted to a stand-up position, Stevens explains.
That impressed him. He adds, "It's not healthy for you to sit all day."
But the optics are even better. It gives him this take-charge, stand-up-guy aura. (Not that he didn't have that already.)
We asked him about the issue that everyone in the residential lending business is talking about these days--TRID. (No, it's not a new board game or even a new cholesterol drug. It's the latest acronym from the CFPB.)
The name refers to new rules governing the upfront disclosures consumers get when they apply for a mortgage and when they close on a home purchase. The relevant laws governing these disclosures were handed over to the CFPB to enforce by the Dodd-Frank Wall Street Reform and Consumer Protection Act. And CFPB proposed the rules way back in November 2013.
Aug. 1 is the deadline for changing over to the new disclosures. And many are predicting a bumpy...