Survey: TRID has boosted customer satisfaction

  • 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.

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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. STRATMOR, a strategic advisory and consulting firm that serves mortgage lenders, dedicated its latest research effort to examining the impact of TRID, six months out from its release. The "TRID — Impact and Experience Spotlight Survey" found that despite initial grumblings, the mortgage lending industry and homebuyers are adapting relatively well to the process, and even starting to find satisfaction with the disclosure. Banks versus independent lenders In the survey, 87 percent of respondents reported that their TRID implementation is fully or mostly complete. Moreover, only 1 percent of respondents said they are "way behind." Small and mid-size independent lenders were ahead of their larger counterparts i...