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Will The New TRID Guidelines Affect Your Closing Date?

New mortgage lending regulations went into effect in October, and you may have heard that they’re creating closing delays for mortgage borrowers.

The new guidelines are called TRID, which stands for Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure. TRID combines and replaces TILA and RESPA disclosures in order to make it easier for people buying a home to understand their mortgage costs and compare different mortgage loan products. It certainly takes some of the unpleasant surprises out of the closing process; but it can also lengthen that process.

As mortgage lenders have made efforts to comply with the new regulations, some have experienced delays due to hiring and training additional staff, waiting for software system upgrades, or performing third-party audits.

Sounds scary — but how bad is it, really?
While some surveys have reported alarming amounts of delayed closings, the reality is that many lenders are sailing along smoothly with minor delays of only a few days. Home sale numbers are holding steady in the first quarter of 2016, which suggests that slightly later closing dates aren’t keeping people from buying homes.

New regulations always come with a few growing pains. But as lenders get more and more comfortable with TRID, they hope delays will keep shortening — and that the benefits of having extra disclosures will continue to outweigh any inconveniences.

Our preparation, your convenience
At Alpine Mortgage, we started preparing ourselves for TRID rules months before they were implemented, to keep facilitating the quickest possible closing processes for our customers. We stay informed about new regulations and find the most effective ways to pass these on to our clients.

Do you have questions about TRID, closing or the mortgage process? Schedule a free consultation with an Alpine mortgage advisor. We’ll walk you through what to expect when you purchase a home, so you can feel confident about moving forward. Contact us today!





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