“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
. “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.”
The upcoming disclosure rule change has been top of mind for originators across the country, with many speculating the new rules will weed out a number of loan officers and lenders who fail to keep up with the change.
However, some professionals argue the effects will be heavily felt at first, but that players will become acclimatized and thrive after the first few weeks.
“I think it will be a lot like the changes we saw in 2010,” which the industry feared but eventually adapted to, Chris Cox, vice president of mortgages for First Savings Mortgage Corporation, told Mortgage Professional America. “We just need to get through October.”
Industry players are still putting time into last-minute preparations for the TRID implementation, and one industry association has provided some last-minute guidance for brokers to help them prepare.
"MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process," MBA president and CEO David Stevens said in a release. "Our industry has been preparing for these changes over the last several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules."
The MBA resources include a one-page cheat sheet that is meant to help clients better understand the new rules, a one page document for brokers that focuses on what players can do to avoid file delays, and a PowerPoint presentation meant to be used as an overview for offices to train originator employees.
Click here to access the resources.
Just how much extra work the upcoming TRID rule change will make for originators has yet to be determined, but one industry player is arguing it will affect closing times.