TRID UPDATE: BUYERS AND REALTORS®

by User Not Found | Jun 29, 2016
More homebuyers are reviewing their mortgage documents ahead of their scheduled closing under new federal regulations, according to the results of a Home Closing Survey conducted by the American Land Title Association. 

Additionally, the new regulations have had minimal impact on whether closings occurred on time. Prior to implementation of “Know Before You Owe,” homebuyers reported that 77 percent of closings took place as scheduled. With the Closing Disclosure, 74 percent of closings are taking place as scheduled.

Massachusetts Realtors® are seeing similar results in terms of closings since 
the TILA-RESPA Integrated Disclosure (TRID) has been enacted. Since November 2015, Massachusetts Realtor®-members have been asked how their closings are proceeding. Their indexed responses scored an average of 46.7 over that time. A score of 50 is halfway between a closing that was significantly smoother than anticipated and a closing that was significantly more difficult than anticipated.