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TRID Causing Noticeable Delays -Ellie Mae

Monday, December 28, 2015

The new RESPA-TILA Know Before You Owe regulations, commonly called TRIID, was cited as a probable reason for a three day increase in the average time it took to close a mortgage loan in November compared to October.  Ellie Mae said the average application-to-closing time of 49 days was the longest time to close a loan since February 2013.  Conventional and FHA loans each took 49 days while VA loans took an average of 50.

Ellie Mae's Origination Insight Report also showed the average FICO score on loans originated in November was 721, a decrease of 1 point from October and the sixth month the average score has declined.  Average FICO scores for all loans has dropped 10 points since January.  Ellie Mae said the driver of the November reduction appears to be a decline, for the second month in a row, of FHA scores.

 

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