TRID survey shows 75 percent report delayed closings.

Position:NEWS ROOM - Real Estate Settlement Procedures Act of 1974 - Transport Research International Documentation - Report - Brief article

A new survey of 548 banks on the impact of the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure rule (or TRID) found that more than 75 percent said that compliance with the rule is delaying closings. The average time for those delays was eight days. But the range of delays cited by respondents was from one to 20 days.

The American Bankers Association (ABA), Washington, D.C., released the survey results on March 1. The survey was conducted in February and found that 25 percent of respondents had eliminated certain mortgage products because the rule lacked clarity in dealing with them. Those products include construction loans, home-equity loans and some adjustable-rate mortgages.

Another finding from the...

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