Know Before You Owe irritation

by Justin da Rosa08 Oct 2015
Brokers feared TRID would result in delayed closings, and industry players are echoing those concerns.
“From my point-of-view getting the closing documents out is worrying; TRID could delays closing and result in a domino effect with buyers and sellers,” David Hill, a loan originator with Independent Mortgage, told Mortgage Professional America. “I’m telling clients to try not to have multiple closings at the same time.”
Hill says he is advising clients that selling and buying simultaneously will be difficult due to closing delays; he is telling them to prepare to place belongings in storage units while waiting for deals to finalize.
Closing delays were identified as one of the potential major issues that could result from the recently passed TRID rule.
“The days of the 30-day close are pretty much over,” John Linnington, president of The Title Company of Jersey, told local New Jersey publication, Press of Atlantic City, in late September. “Forty-five days would be about as fast as you could do it, and a more realistic time from contract to close is going to be about 60 days.”
There are things brokers can do to prepare themselves, and their clients, however.
The key is to manage client expectations, argues Steve Fingerman, president of E-Loans Mortgage.
“Make sure everyone in the transaction is aware upfront of the changes in timeline,” Fingerman told real estate website inman. “Figure about 15 days added to the closing date, and depending on the interpretation from the lender, it could be even longer.”


  • by | 10/8/2015 12:35:40 PM

    If there are delays it's entirely fault of ill prepared bank. And RE brokers are expected to keep all on track?

  • by | 10/8/2015 1:18:00 PM

    Everyone will need to work as team on the buyers and sellers behalf to get them to the table. If the RE's don't help the bank can't do it themselves. Just saying we can't continue to point the fingers at each other or we all end up looking like idiots and no one gets paid.

  • by George G. | 10/22/2015 5:24:18 PM

    the appraisers and the credit agencies will still get paid. The appraisal rules are the biggest holdup now. And the credit reporting companies continue to raise rates at a very slow pace hoping you will not notice.. its a joke.


Is TILA-RESPA a good or bad thing long term?