Do buyers like the new mortgage disclosure rules?
SAN DIEGO – March 16, 2016 – A survey of people who bought two homes – one before new truth-in-lending disclosure rules went into effect in October 2015 and one after – found that the lending process is easier to understand, but it's tougher to complete.
ClosingCorp conducted the survey of repeat buyers to find out how the new TILA-RESPA Integrated Disclosure (TRID) rule impacts the customer experience in getting and closing a residential mortgage.
"There's been a lot of speculation about TRID's impact and its value to consumers," says Brian Benson, chief executive officer of ClosingCorp. "Our new study of consumers who have bought homes and gotten mortgages both the new and the old way suggests that TRID is making it easier for consumers to understand the costs and fees that they'll face at closing – but at the same time, the new rules are adding time and anxiety to the closing process."
According to Benson, "The findings suggest that our industry has more work to do to get comfortable with the TRID forms and processes, and to educate consumers and their advisors."© 2016 Florida Realtors®