Mortgage Closings Taking One Extra Week

Rich Barnhart

Rich Barnhart

According to a recent Florida Association of REALTORS® news release, due to new TRID disclosure laws it takes about one week longer to close a loan than it did prior to October 3rd, 2015. “By the end of 2015, it took an average 49 days to close a loan, according to Ellie Mae. While the average time to close a refinance fell from 49 days to 47 days, purchases climbed 1 day to 50. The average time to close FHA and conventional loans remained largely unchanged at 49 days; VA loans increased from 50 to 52 days.” What is TRID? In November of 2013, the Consumer Financial Protection Bureau (CFPB) integrated the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures. Any real estate transaction involving a mortgage will now use new CFPB disclosure forms. The new TRID rules and forms officially took effect on October 3, 2015. For more information on TRID please visit the National Association of REALTORS® TRID page: http://www.realtor.org/topics/trid-tila-respa-integrated-disclosure
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Rich Barnhart

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