Did loans take an unusually long time to close in November, or was that simply your imagination? You probably didn't dream it up. Although real estate closings haven’t been the 45-day odyssey some expected them to be following the October 2015 launch of the Consumer Financial Protection Bureau’s (CFPB) TRID (aka the "Know Before You Owe") rule, the time to close a loan rose slightly in November compared to the same period last year, according to ongoing research by the National Association of Realtors (NAR). Year-over-year change in time to close The trade association shared this surprising finding this week on realtor.org as part of its ongoing analysis of how the sweeping mortgage industry regulation, also known as the TILA-RESPA Integrated Disclosure, or TRID, rule is affecting the business of real estate. 'Add 15 days to closing timelines' In the two-year lead-up to TRID’s implementation on Oct. 3, 2015, NAR had advised its members to expect to add at least 1...
- The time to close a loan rose slightly in November compared to the same period last year -- by about four days.
- The increase could be related to a busy September and October selling season, with many of those contracts closing in November, as well as the aftereffects of rising mortgage rates, spurring buyers and refinancers who may have been dragging their feet.
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