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On October 3rd, the new TILA RESPA Integrated Documentation (TRID) will be implemented. Under TRID, the current closing documentation will be streamlined and reduced. In addition, features are added to the closing documents that are intended to help consumers better understand their financial commitment. To find out how REALTORS® are preparing for these changes, NAR Research surveyed members in early August of 2015.
In preparation for TRID, 82.2% of respondents had taken some form of training (webinar, class, etc.). Firm or broker sponsored events were the most commonly attended at 35.4%, while events run by state and local associations were second at 26.9%. Training conducted by lending and title companies affiliated with the agent’s firm were the next most popular at 25.1%. Non-affiliated title and lenders were next at 21.2% and 18.1%, respectively.
While the TRID changes don’t directly affect REALTORS®, REALTORS® can help to ameliorate the impact. Most REALTORS® are aware of the changes, taking actions, and working with industry partners to smooth the transition.
View the full REALTORS® and the New Closing Process report.
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