NEW MORTGAGE DISCLOSURE RULES WHAT DO HOME BUYERS THINK?

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NEW MORTGAGE DISCLOSURE RULES WHAT DO HOME BUYERS THINK?

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New Mortgage Rules Survey.

New Mortgage Rules Hit Or Miss?

The survey interviewed 1,000 repeat home buyers who had purchased a home both before and after the new TRID rule took effect on Oct.3, 2015. The research found that found that the lending process is easier to understand, but it’s tougher to complete.
Here are some of the findings.
  • 64 percent of respondents said it was easier getting a mortgage under the old pre-TRID rules
  • In terms of the time it took to get and close a loan, 57 perccent said it took more time under TRID than it did previously.
  • 63 percent said that the new “Know Before You Owe” forms for loan estimates and closing disclosures were easier to understand.
  • 68 percent said the new forms did a better job preparing them for the closing costs; only 6 percent disagreed
  • 65 percent said costs and fees were “explained better” post-TRID
  • However, slightly more than half (51 percent) of the respondents said there were more unexpected costs, fees and surprises in their most recent experience.
  • Respondents highlighted one consumer benefit with the new TRID disclosures: The ability to shop for service providers, such as title companies, inspectors, pest services, etc.; 78 percent said they were informed about this option, and 74 percent took advantage of it
  • 55 percent of buyers said they saved money post-TRID due to the ability to shop around for services
  • Of the respondents, more women (61 percent) said they weren’t told they could shop around for services than men (39 percent)
  • Nearly three quarters of those surveyed (70 percent) said that the actual closing of the transaction was faster this , 19 percent  said it was the same and only 11 percent said it was slower.

“There’s been a lot of speculation about TRID’s impact and its value to consumers,” says Brian Benson, chief executive officer of ClosingCorp. “Our new study of consumers who have bought homes and gotten a mortgage both the new and the old way suggests that TRID is making it easier for consumers to understand the costs and fees that they’ll face at closing – but at the same time, the new rules are adding time and anxiety to the closing process.”

According to Benson, “The findings suggest that our industry has more work to do to get comfortable with the TRID forms and processes, and to educate consumers and their advisors.”

This information from this survey is from the Closing Corp. Visit http://www.closing.com/ to see there products.

ClosingCorp® owns and operates the premier source of intelligence for closing costs and service providers in the U.S. residential real estate industry. Through innovative solutions, progressive technologies and strong alliances, the company delivers timely, accurate and transparent results that help optimize closing processes and services.

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Milton Weiss
Born in cold country up north, I never was happy being cold. Finished college and left for warmer weather and landed in the Caribbean for many years. Met my wife there, had a happy life there and then moved to Palm Beach County, Florida, where we still have a happy life. Warm weather, the sun, and the ocean flow through my body. I hope to bring some of that energy to you.

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