Since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule last October, continuing evidence shows the impact of TRID in lengthening the time to close real estate transactions. Both purchase and refinances have been severely impacted by these new regulations.
Now, a report from Ellie Mae shows more statistical evidence on how deeply the impact of TRID is being felt, with the time to close a mortgage loan climbing yet again. Additionally, 2016’s average time to close a loan is 10 days longer than just one year ago in 2015, when the average time to close a loan was 40 days.
If you find 50 day closes unacceptable (as I do), please reach out to me so we can get your customer in their new home sooner rather than later! Take advantage of Equity Prime’s 30-day On-Time Closing Guarantee.
The gist of TRID is that mortgage lenders must send particular paperwork to mortgage borrowers 72 hou
rs prior to closing, and that changes to any of the documents require a re-disclosure of said terms and another 72-hour waiting period.
Since October 2015, then, closings have had an additional 3 days tacked on; a government-mandated delay affecting all closed loans. But Equity Prime is still holding to it’s 30 day on-time closing guarantee!
The faster you can close on a mortgage, the lower the mortgage interest rate can be and the faster your client gets into their new home! Know the steps in a mortgage approval, and where you cut time and corners to get to closing quicker.
Source: The Mortgage Reports
