Economists' Outlook

Housing stats and analysis from NAR's research experts.

TRID, Brexit, or Something Else?: Delays Level Off

The average time-to-close, as measured by closed listings reported from MLSs, rose modestly in July relative to a year earlier. July’s 3-day delay was roughly in line with the 3.1 day delay averaged over the prior 3 months. The July reading tied April for the second lowest since October of 2015.

time to close

After falling sharply in March, delays have hovered in a relatively tight 3-day range. The July increase may reflect non-TRID related delays, though, as lenders noted an increase of non-TRID delays in the second quarter Survey of Mortgage Originators from 1.5 percent to 3.7 percent as well as rate extensions as a result of Brexit. Brexit related delays are likely to ease as the number of potential refinances burns out and seasonal volumes decline.


TRID or Know Before You Owe is a new set of rules governing the closing process. These rules are intended to help make consumers more aware of their financial liability, while streamlining the process.  The CFPB recently released a set of proposed changes to help clarify lenders’ and mortgage investors’ concerns. These changes may ease TRID related delays in the future as could clarity from the first wave of regulatory reviews under the new regime, greater concentration of production among TRID-proficient producers, vendor software improvements, and as demand from mortgage investors recovers.

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