REALTORS® are preparing for the October 3rd implementation of the new TILA RESPA Integrated Documentation (TRID) closing process. Under TRID, the current closing documentation will be streamlined and reduced. In addition, features are added to the closing documents that are intended to help consumers better understand their financial commitment. To find out how REALTORS® are preparing for these changes, NAR Research surveyed members in early August of 2015.
When asked about their plans to deal with the new TRID rules, 55.9% of REALTORS® plan to change their purchase agreements to reflect a longer timeline, while 31.2% will add contingencies to the contract. 37.0% of respondents have developed plans with their lender or title company to help smooth the process, while a significant share plan to perform final inspections earlier or will provide contracts and amendments to the lender earlier.
The TRID changes don’t directly affect REALTORS® business but may affect closing deadlines and there are things REALTORS® can do to help ameliorate the impact. Most REALTORS® are aware of the changes, taking actions, and working with industry partners to smooth the transition.