It has now been a little over 2 months since the CFPB’s Know Before You Owe TILA-RESPA Integrated Disclosures (TRID) went into effect and several reports show that the number of days to close has increased since TRID went into effect.
Ellie Mae’s latest Origination Insight Report shows that the average time to close FHA, conventional and VA loans all increased to 49, 49 and 50 days, respectively. RealtyTrac’s home sales report for October also indicates that the number of days to close has increased since TRID went into effect. Other Real Estate Brokerages are reporting that some of their deals have been taking between 45 to 70 days to close.
So far it is clear that TRID has caused confusion and delays in the closing process. As a title agent I see that there are multiple portals/software that lenders are using. All of these portals all have a cost involved and some lenders still didn’t know how to use the portals they have selected to use. I have dealt with a couple of lenders who are not up to speed with their respective portal and out of frustration abandoned the use of the portal and resorted to sending closing information via email – the way they use to do it before TRID.
The CFPB is not giving sufficient guidance on issues that arise in the real world that they have not accounted for. If Lenders, Title Agents and Realtors are all confused about the new process how could TRID possibly make the process easier to understand for the borrower?
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