TRID 1-Year Anniversary Survey
On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued a rule to integrate the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending ACT (TILA), known as TILA-RESPA Integrated Disclosure (TRID). It went into effect on October 3, 2015. Then, in July of this year, CFPB proposed an amendment that took into account the National Association of Realtors’ concerns about lenders and title companies’ reluctance to share the required Closing Disclosure with real estate professionals. This proposed rule will most likely be finalized in 2017.
Now that TRID has been in place for a year, the National Association of Realtors has released a survey on its effects. The survey found that:
- Delayed transactions fell, but cancellations rose slightly
- The number of respondents who cited difficulties getting closing disclosures fell
- Realtors were more likely to request closing disclosures from title agents than lenders in the 3rd quarter
- Delayed transactions cost consumers an average of $410, while canceled transactions cost consumers an average of $226
- Rental and deposit expenses, along with lost vacation time accounted for most of those expenses.
Click here to download the entire survey.