Before TRID went into effect last October, many realtors and lenders had dire predictions about how TRID would affect the closing process. Would the new disclosures and wait times lengthen the time it takes to close a deal? Would home closings experience a wave of delays as realtors and title agents adjust to the new requirements? Now that’s it’s been a few months, we can start to see which predictions were right and which were wrong.
Depending on who you talk to, you’ll hear different reviews. Some cite tales of inconvenience and delays, while others state that they aren’t feeling the impact at all. With the new Loan Estimate and Closing Disclosure forms, many buyers have reported inconsistencies that result in delayed closings. One mortgage broker, Ross Glines, reports that over 90% of his deals has gone longer than expected. Setbacks are costly and unwanted to each individual involved in the process of buying a home.
Other brokers haven’t run into any problems at all. The key to their success is choosing title agents who are organized, able to stay on top of deadlines, and excellent communicators. Lenders and realtors can ensure that deals go through on schedule by working with vetted title agencies who offer both settlement services and title insurance—like Lakeside Title Company.
Lakeside Title Company works with realtors, lenders, buyers and sellers from 14 convenient locations across Virginia, Pennsylvania, and Maryland. Title insurance is our area of expertise, though we also provide settlement services and title searches. We’ve seen some extension of closing times and increased closing costs in certain areas, and there’s obvious room for improvement. It may be too early to determine the long-term effects of TRID, but the lesson for lenders and realtors is simple: proactive communication with title agents is essential.
Lakeside Title Company
Lakeside Title Company closes over 4,000 transactions a year from 14 locations across Maryland, Pennsylvania, and Virginia. We serve the D.C. metro area, Maryland, Southern Pennsylvania, and Northern Virginia with title insurance and closing services for residential and commercial refinances and sales,1031 exchanges, and much more. For more information, please visit our homepage or contact us today. If you found this blog helpful, we invite you to share it on your company’s social media pages or with your friends and colleagues.
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