Time-to-Close Archive

Closing Delays Rise Unexpectedly

NAR Research began tracking closing delays following the implementation of the TRID or Know Before You Owe rules. These rules changed the settlement process adding new closing documents, tolerances for fees, and timelines. The time-to-close a loan, the period...

Closing Delays Continue to Subside

The housing finance market continues to normalize in the way of TRID and Brexit related delays. The average delay in time-to-close (TTC), the time from when a sale goes under contract to settlement, eased from 3.4 days in September...

Closing Delays Ease in September

After peaking at 3.9 days in August, delays in the settlement process eased in September. The difference in time to settle a sale eased relative to last year by 3.4 days. Settlement delays surged in wake of Brexit as...

TRID, Brexit, or Something Else?: Delays Level Off

The average time-to-close, as measured by closed listings reported from MLSs, rose modestly in July relative to a year earlier. July’s 3-day delay was roughly in line with the 3.1 day delay averaged over the prior 3 months. The...

TRID: Back on Track in June

The average time-to-close snapped back to its downward trend in June after a May reversion. The time from contract to settlement in June relative to the same time in 2015 edged lower relative to last month. On average, sales...