Survey: TRID has boosted customer satisfaction

Despite initial struggles, the lending industry and consumers are finally accepting the new regulation
  • STRATMOR released a survey about the TRID implementation process and its impact on the mortgage lending industry.
  • The study found that 87 percent of lenders have fully or mostly implemented TRID, and application-to-closing times are almost back to normal.
  • Lastly, consumer satisfaction rates are at 91 percent, the highest rate since 2013.

Since its implementation in October 2015, the TILA-RESPA Integrated Disclosure has faced plenty of criticism from bankers, agents and homebuyers who say the regulation has lengthened the closing process and caused other headaches, such as unexpected costs and fees. A survey by STRATMOR found that despite initial grumblings, the lending industry and homebuyers are adapting relatively well and even starting to find satisfaction with the disclosure.