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REALTORS® and the New Closing Process Survey

September 8, 2015

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.

Highlights:

  • 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.

Filed Under: CVAR News

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