Mortgage Industry News
« Return to Mortgage Industry News
What TRID Delays? Turn Times Lowest in a Year
Thursday, April 21, 2016
It appears that lenders have surmounted the initial difficulties they encountered with the roll-out of the new Truth-in-Lending disclosures (TRID) required by the Consumer Financial Protection Bureau (CFPB) starting in October 2015. The new rule initially led to delays in home sale closings as lenders and their software vendors became familiar with the system.
Ellie Mae, in its latest Origination Insight Report, said that in March the time to close all mortgage loans dropped to the shortest period in since last March, 44 days. As the TRID rule was implemented the average time to close rose from 46 days in October to 48 in November and December as the TRID affected loans reached the closing table and to 50 days in January. That reversed dropping to 46 days in February and now the new low in March.
Read Full Article