trid: three months of new rulesfiles.ctctcdn.com/1d895b5c001/024ea7ba-ba89-45d9-b9a5-fd9c4ddb… ·...
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TRID: Three Months of New RulesThe National Association of REALTORS®
Research DivisionJanuary, 2016
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Executive SummaryThe TILA‐RESPA Integrated Documentation (TRID) or Know Before You Owe rules went into affect on October 3rd 2015. Survey respondents indicate that since implementation:
• 10.4% of transactions were delayed, but less than 1% cancelled, while the typical delay is 8.8 days
• 54.5% of respondents had problems getting closing documents for transactions and half found errors when they did get access
• REALTORS® were less likely to have access to closing documents in delayed settlements
• Missing concessions and incorrect names or addresses were the most frequently cited errors, but incorrect fees, commissions, and taxes were also reported
• E‐settlement procedures had fewer errors and faster remediation
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REALTORS® Combined Remedies; Longer Contracts Most Frequently Cited Solution
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Delays Were Significant, but Few Cancelations
On average, delayed settlement took 8.8 days longer than normal
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54.5% of Respondents Indicated Issues Attaining the CD for Their Transaction
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When Closing Documents Were Available, REALTORS® Found Errors
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A Wide Range of Errors Was Found
Incorrect taxes, REALTOR® commissions, and proration of bills were also frequently cited
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REALTORS® Reported More Difficulty Getting CDs on Delayed Transactions
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Closing Documents on Delayed Settlements Had More Errors
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CDs Most Frequently Requested from Lender or Closing Agent
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Lenders are Most Helpful, but Client and Waivers Work Well
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Lack of CDs Impact MLS Activity
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According to REALTORS®, Lending Process has been the Leading Source of Issues Under TRID
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Nearly 70% of Respondents Reported At Least Some use of Electronic Documentation in Settlement
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E‐settlements Were Faster and had Fewer Issues than Traditional Settlements
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Half of Respondents Indicated that Lawyers Were Involved in At Least Some Settlements
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Settlements With Lawyers Were Modestly Faster and Error Free
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National Association of REALTORS®Research Division
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