Now that more than two months have passed since the TILA-RESPA Integrated Disclosure Rule went into effect, HousingWire followed up with Sharon Voss, president of the Orlando Regional Realtor Association, to discuss how the new rule from the Consumer Financial Protection Bureau is impacting real estate transactions so far.
HousingWire: How have Realtors adjusted to the new TRID rules so far?
Voss: Realtors across the board have made a smooth adjustment to the new TRID rules as a result of the extensive preparation that has been provided to them. Realtor associations, real estate brokerages, and even service providers such as lenders and title companies offered tons of free training well ahead of the implementation date (and continue to do so). In fact, a survey by the National Association of Realtor showed that more than 80 percent of all Realtor had already received training about the new mortgage disclosure rules prior to implementation.
HW: Do you expect this to change any as more TRID loans go through?
Voss: I expect both Realtor and consumers to increase their comfort level with time. Once Realtor experience first-hand a closing under the new rules, “fears of the unknown” will resolve and in turn they will be more confident in educating their clients.
HW: Have you seen any issues arise when it comes to consumers adjusting for TRID?
Voss: One important issue that has become apparent is the need for consumers to account for the longer closing timeframe (an average of 45 days compared to the previous 30) in regards to their moving plans. For example, it may be necessary for buyers to keep their lease for an extra month, or for a seller to “rent-back” their previous home for a few weeks.
HW: Are there any concerns with TRID that Realtor are still adjusting to or didn't foresee having an issue with but now do?
Voss: Laws and regulations governing the transfer of real property are always evolving, so the need to accommodate change is something that Realtors are accustomed to. Even those Realtors who aren’t particularly fond of change support the notion of more protection and education for our clients.
Check here to see how Voss said TRID would impact real estate transactions.