What Has Been the Progress on (TRID) TILA RESPA Integrated Disclosure since it's been implemented?
Since it's been implemented in October there have been delays and cancellations of loans according to The National Association of Realtors Economists Out Look blog.
What is TRID?
The Know Before You Owe or TILA-RESPA Integrated Disclosure
They are rules that were intended to protect consumers and streamline the old disclosure process. It's not there yet but the article is entitled 'Hope on the Horizon'.
In a survey they conducted 60% of lenders expect it will take six months to be normal again. Let's hope not.
In the article it shows the percentage of delays and cancellations since it has been implemented and what lenders have been advising thier clients to do.
What does it mean for buyers starting the loan process?
Understanding the process will help you ask the right questions when you are choosing a lender. It will also help you understand why the process might take longer than you 
expect. I've seen where delays can really put a dapper on the real estate transaction process. You really need to plan ahead on how long the process will take. For instance are you renting or did you sell your home, do you have somewhere to go if your lease is up or escrow is about to close. Timing is everything when it comes to a smooth transaction from one home to another.
The article went on to say that 10% of lenders were not affected by these new rules. If I was getting a loan I would look for that 10% to help me. I know from experience you need a lender who knows their business. Fortunately I have a great lender on my team.
If you need help finding a leander who understands the TRID process and is successful in closing on time I would be happy to pass my lenders information off to you.
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