TRID: A Year Later
The TILA-RESPA Integrated Documents (TRID) or Know Before You Owe rule went into effect on October 3rd 2015. What’s happened since? The National Association of REALTORS has released a report that details the new closing process since it went into effect.
A few highlights of NAR’s Report: (Read the full report here)
- Delayed transactions fell from 10.4% to 8.5%, but cancelations edged up slightly from 0.6% to 0.7%.
- 45.6% of respondents had problems getting closing disclosures down from 54.5%.
- However, REALTORS® were more likely to request closing disclosures from title agents than lenders in the 3rd quarter, especially REALTORS® with greater transactions volume.
- Delayed and canceled transactions cost consumers $410 and $226 on average, respectively. Rental and deposit expenses as well as lost vacation time accounted for most expenses.