• The recently implemented TRID rules have changed the closing process significantly – for the better and, in some ways, for the worse.
  • TRID’s biggest impact has been in timing, as the new receipt and review periods have resulted in significant delays for closings.
  • Agents can educate their clients about the things they can do to help keep the new process running smoothly, especially during the hectic spring home-buying season.

While TRID officially stands for the TILA-RESPA Integrated Disclosure regulation, which combines and replaces the loan and closing documents required for home sales, some in the industry say the acronym really means “The Reason I Drink.”

Although it was designed to clarify the fees and terms associated with buying a home for the borrower and seller, TRID’s unintended consequences include substantial closing delays. The delays have been so significant that National Association of Realtors’ Chief Economist Lawrence Yun says it contributed to the 10.5 percent drop in November existing home sales.

Keeping open lines of communication between the homebuyer, seller and their representatives is critical to the home-buying process.

As lenders and other industry providers get acclimated to the new requirements, agents can help homebuyers smooth the process and avoid TRID delays during the busy spring homebuying season with the following hacks:

Urge homebuyers to act swiftly

Homebuyers usually saw the loan and closing disclosure forms for the first time at the closing table, but TRID now requires a three-day ‘receipt’ period that precedes a three-day ‘review’ period, resulting in a potential six-day delay to the closing.

If the homebuyer receives the forms on day one of the three-day receipt period, they should begin to review them right away, and either have extra time needed to review, or get to the closing table in less than six days.

Discuss any issues with the loan and closing disclosures immediately

If the borrower or the seller sees anything confusing or inaccurate during the review period, he or she should alert their agent or attorney immediately.

Waiting to raise a concern, or assuming it will be addressed at the closing table, can potentially cause further delays. It’s your job to ensure that everyone involved is on the same page and issues are addressed as soon as possible.

Don’t wait to address issues from the walk-through

Before TRID was enacted, walk-throughs were commonly held on the same day as the closing.

Even though the walk-through is now typically held a few days before the closing, agents should encourage buyers to have a keen eye and immediately raise any concerns.

Sometimes the issues that come up during a walk-through are small things like outlet plates or a leaky faucet, which won’t require a new three-day review period. But anything that affects the payment or interest rate will require new forms and a new review period, because it will impact the amount of the loan.

Ben Niernberg is the executive vice president of business development and operations at Northbrook, Illinois-based Proper Title, LLC, a full-service title insurance agency.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription