In October of 2015, the new TRID rules will go into effect changing the way closings are performed. NAR Research surveyed members about their awareness and preparation for the changes.
- More than 80% of respondents had taken some form of training on TRID
- In preparation, more than half of respondents will alter their purchase agreements to include a longer time horizon.
- Over the 12‐month period ending in August, 9.1% of closings were delayed due to an issue in the lending process, while only 1.2% were canceled.
- 71.2% of REALTOR® members rated their level of preparedness as average or better.