What does a post-TRID world look like?








So, what exactly does a post-TRID world look like?

HousingWire spoke with Terry Moore, senior managing director at Accenture Credit Services, about how much different real estate and mortgage finance will be going forward.

For borrowers, Moore said he sees benefits, drawbacks and unintended consequences coming from TRID. Moore noted that pre-TRID it takes roughly 45 days on average between the borrower’s submission of the loan application and closing the loan. Moore predicts that that timespan is about to grow.

“For at least the next several months, it is likely that borrowers will have to wait several days longer to close on their homes,” Moore said. “That’s because the regulations impose new waiting periods in which lenders must submit disclosure forms to borrowers, thereby extending the time between application submission and closing. As banks get up to speed on the new rules, we expect that closing turnaround times will drift back closer to 45 days.”