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REALTORS® and the New Closing Process Survey

February 9, 2016



The TILA‐RESPA Integrated Documentation (TRID) or Know Before You Owe rules went into affect on October 3rd 2015. Survey respondents indicate that since implementation:

  • 10.4% of transactions were delayed, but less than 1% canceled, while the typical delay is 8.8 days
  • 54.5% of respondents had problems getting closing documents for transactions and half found errors when they did get access
  • REALTORS® were less likely to have access to closing documents in delayed settlements
  • Missing concessions and incorrect names or addresses were the most frequently cited errors, but incorrect fees, commissions, and taxes were also reported
  • E‐settlement procedures had fewer errors and faster remediation