It looks like we may be able to breathe a collective sigh of relief.
The frenzy surrounding last year’s implementation of the new TRID (TILA-RESPA Integrated Disclosure Rule) seems to be calming down as much of our industry has figured out how to work with the changes to the settlement process. Successful adaptation of the “Know Before You Owe” guidelines is evidenced in the most recent reports from Ellie Mae showing an overall reduction in average closing time from 50 days in January to 46 days in February.
See these relevant resources for more details:
- http://www.mpamag.com/news/trid-woes-abating-average-closing-time-drops-to-shortest-level-in-a-year-30793.aspx
- http://www.housingwire.com/articles/36851-is-trid-hysteria-over-time-to-close-drops-to-12-month-low
- http://voicesofrealestate.blogs.realtor.org/2016/04/05/evidence-points-to-improving-trid-landscape/
Remember Challenges But Look Ahead
As we move forward, it is important to remember the trials we faced with the introduction of the TRID. Many of us in the title and escrow industry dedicated substantial time and money prior to the October 3rd rollout hoping to speed up the learning curve, only to be tripped up or slowed down by other, unexpected bumps in the road.
After more than 25 years in the real estate settlement world, I am not so naïve as to think this is the last of the TRID related challenges we will face. Other challenges, including hacker attempts on law firms, lenders and settlement agents, are on the increase. We have taken significant steps in improving security, starting with the training of our staff on how to recognize and prevent fraud. While preparation is crucial, it is the daily dedication to each client’s closing and security that is critical to our long-term success, and our buyer’s peace of mind.
If you have any questions, or would like to discuss further, feel free to call 732.747.3615 ext. 115 or email [email protected] .
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