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TRID Update


By: Kimberly Rosenberg, President

I attended an industry meeting in Charlotte last week and heard several presentations that I thought
were relevant to real estate practitioners in North Carolina. While a lot of the presentations were TRID
related, some covered topics that were entirely new to me, such as Unfair, Deceptive, or Abusive Acts or
Practices (UDAAP) and its requirements for reverse vendor oversight. While I plan to devote a future
article to UDAAP, I felt it would be helpful to share some of the statistics I learned last week related to
TRID, as well as the general outlook regarding the reopening of the rulemaking process for TRID later
this year.

First, some good news. Closing times have dropped to their lowest levels since March, 2015. The nationwide average to close a loan as of March, 2016, is 44 days. The closing rate for purchase loans has
increased to 75.1%, the highest percentage rate since August, 2011. Surveys conducted by various
sources reveal that customer satisfaction with the mortgage process has increased under TRID, with the
majority of consumers stating that the new forms are easy to understand, in general, and enable them
to better understand closing costs and to make informed decisions when shopping for service providers.
Finally, a recent ALTA survey shows 92% of consumers reviewed their disclosures before closing,
compared to 74% under the old rules.

While all of this is good news for consumers, I have not seen a proper acknowledgement of the
additional work on the part of the closing attorney and the lender that has made the consumer
experience more positive.

 

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