Monday marked an important anniversary in the industry, though it’s doubtful that any real estate offices busted out the champagne to celebrate a controversial 1,800-page, sweeping reform of the mortgage transaction process that took effect on Oct. 3, 2015. Nevertheless, the National Association of Realtors polled about 55,000 Realtors about their post-TRID experiences, in honor of TRID’s first birthday.
- One year after TRID's implementation, the National Association of Realtors surveyed its members about their experiences with the regulation.
- Consumers have a better understanding of the homebuying process thanks to TRID, though real estate agents still struggle with the rule's complexity, according to the poll.
- The main challenge from the regulation’s inception has been Realtors’ ability to access the Closing Disclosure.