Plenty of industry surveys have shown that the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) rule has negatively impacted real estate agents, lenders and settlement agents, but how has the mortgage transaction overhaul affected borrowers -- the very people the bureau intended to help in creating the rule? A new survey conducted by real estate closing cost data and technology provider ClosingCorp finds that consumers feel that TRID makes it easier for them to understand their closing fees and costs, but the new regulation is adding time and anxiety to the closing process. Are the new forms easier to understand? ClosingCorp interviewed 1,000 repeat homebuyers last month to compare their homebuying experiences before and after TRID went into effect on Oct. 3, 2015. Six months into TRID, the CFPB’s mission of making the homebuying process simpler and easier to understand seems to have yielded mixed results. Respondents were about evenly ...
- ClosingCorp interviewed 1,000 repeat homebuyers last month to compare their homebuying experiences before and after TRID went into effect on Oct. 3, 2015.
- Respondents were about evenly split on whether the new Loan Estimate and Closing Disclosure forms are easier to understand than the old forms.
- More than half of respondents encountered “unexpected costs, fees and surprises” in their post-TRID mortgage transactions.
- Of the 78 percent of buyers who said they were informed that they could shop for different service providers, 74 percent of that group said they shopped for providers, but only 55 percent of them saved money -- somewhere between $1,000 and $5,000 -- as a result.