On Dec. 8, Inman News reported that the TILA-RESPA Integrated Disclosure Rule that went into effect on Oct. 3, 2015 is “extending the closing time of real estate transactions” in Arizona.
“About 17-percent of transactions scheduled to close on November 30 were extended into December because of TRID delays,” according to the Inman article. “Resale transactions are taking anywhere from 45 to 60 days to close as opposed to the average of 30 to 45 days.”
Conversely, the National Association of REALTORS® reported on that same day, “implementation of the new (TRID) rule is happening without major disruptions.”
On Thanksgiving, the Miami Herald reported that a REALTOR® in Scottsdale had a closing delay “when the buyers complained that the settlement form they received called for significantly higher mortgage fees than the lender had projected weeks earlier…the lender had to lower its charges and reschedule the closing.”
Are you experiencing any closing delays due to TRID? Please respond to our straw poll below.
Have the New TRID Rules Delayed Any of Your Transactions?
- Yes (73%, 123 Votes)
- No (27%, 45 Votes)
Total Voters: 168
Related Story: Longer Closing Times Hamper Home Sales (Dec. 23, 2015)