More than a year has passed since the TILA-RESPA Integrated Disclosure rule (TRID) has been implemented. The National Association of REALTORS® New Closing Process Survey provides insight into how the industry has handled the required changes.
- Delayed transactions fell from 10.4% to 8.5%.
- Cancellations edged up slightly from 0.6% to 0.7%.
- When it came to obtaining the Closing Disclosure, 45.6% of respondents had problems (down from 54.5%).
- Errors identified on Closing Disclosures increased from 43.3% to 50.6%. Missing concessions and incorrect names or addresses were the most frequently cited errors. Incorrect fees, commissions, and taxes were also reported.
- Delayed and cancelled transactions cost consumers $410 and $226 on average, respectively (most expenses were rental and deposit expenses and lost vacation time).
We will continue to devote resources to ensure TRID does not disrupt the financing process. If you have any questions about the information provided here, please contact us.
Sincerely,
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