Realtors Expect to Extend Purchase Timeline Due to TRID Requirements
September 8, 2015
The requirements associated with the CFPB’s pending TILA/RESPA Integrated Disclosure (TRID) rule will likely prompt a majority of Realtors to alter their purchase contracts, according to the results of a new survey from the National Association of Realtors. “When asked about their plans to deal with the new TRID rules, 55.9 percent of Realtors plan to change their purchase agreements to reflect a longer timeline, while 31.2 percent will add contingencies to the contract,” the survey said. Also, 37.0 percent of respondents indicated they have put together plans with their lender or title company to help even out the process, while a significant share plan to perform final inspections earlier (32.5 percent) or will provide contracts and amendments to the ...