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Bigger baby steps: Steady improvement as TRID effects wane

Only in the mortgage world would we make an acronym out of acronyms. That said, the effects of TRID are starting to take hold and that’s a good thing.

Only in the mortgage world would we make an acronym out of acronyms. That said, the effects of TRID are starting to take hold and that’s a good thing.

A quick recap: TRID (also known as the TILA-RESPA Integrated Disclosure Rule) was created and was aimed toward making mortgages more transparent and easier to understand for consumers.

Last month I reported that TRID made “modest improvement” during the month of March: “The average time-to-close as measured in days fell from 43.3 in January to 39.9 in February. The February year-over-year increase under TRID was a decline from the 5.2 additional days in January and the 5.7 day peak registered in December.”

Bigger baby steps

Fast-forward and it now looks as though lenders are adjusting to the TRID regulations and reducing time to close. Economists Outlook now reports that, “There was a shift in the distribution of closing from February to March as well. The share of closing that took longer than 45 days fell from 45.0 percent to 43.8 percent. Conversely, the share that took less than 30 days slipped from 23.6 percent to 22.3 percent.”

Granted, it is difficult to follow the progress without a graphic (you can see it here). That said, there was a shift in time to close to the 30 to 45-day range. The latest Economists Outlook Blog reports that “The decline in closing that took under 30 days and the increase in the middle range repeated the pattern from February to March of 2015 and was likely due to a seasonal increase in closing volume weighing on production resources.”

Moving forward

According to the Economists Outlook, “The March reading of time-to-close was another positive step in the post-TRID environment.” Volumes will rise in the weeks and months ahead as the spring market peaks.

Partnering with lenders who are collaborative and who have successfully navigated TRID without delays will help to assure smooth settlements as the year continues.

This is good news for the industry (and consumers) indeed.


Written By

Nearly three decades living and working all over the world as a radio and television broadcast journalist in the United States Air Force, Staff Writer, Gary Picariello is now retired from the military and is focused on his writing career.


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