In the News Presented by Prairie Title
June 1, 2016
TRID Bumps along; Housing too
By Frank Pellegrini, Prairie Title CEO
I find it informative to follow the voices of those in the media who really know real estate inside and out. Two of those real estate media pros, Ken Harney and Diana Olick, are typically spot on in their assessments of the market and real estate industry issues in the short term and the long run.
Harney, syndicated by the Washington Post, recently wrote an article whose premise was that implementation of TRID is delivering mixed results
“A new study gauging consumers' experiences before and after the new rules took effect suggests that things may be looking up. It found that 92 percent of buyers are taking time to review their mortgage documents in advance of the settlement — making use of the three days they're now allotted to do so.” That study was conducted by the American Land Title Association.
Citing another survey, Harney said, “Buyers also were pleased by being encouraged to shop for settlement services such as title insurance.” I was especially happy to read that. We are actively encouraging consumers to shop for title services and I’m glad that approach is taking root.
Lenders fees have increased to cover the additional costs at their end, and the average time to closing has increased (and now stabilized). For consumers, Harney’s bottom line was: “Be aware of the pluses and minuses of the rule changes. Expect greater transparency about costs — and more time to check them out — but also maybe a little longer time to close and increases in fees.”
Olick is a featured reporter on CNBC who writes about day-to-day real estate activity more than the longer term trends Harney typically dives into. She is a great resource for the facts and figures that drive the trends in the industry. Among other analytics, she has recently focused on pending home sales, the shortage of existing homes for sale and the driving forces behind increasing mortgage applications, pointing out the fits and starts we continue to experience as housing bumps along.
We regularly Tweet Harney’s and Olick’s observations and I would encourage you to follow them as well. Or simply follow Prairie Title on Twitter and we’ll provide that information for you.
Other stories we’re following: