The new TRID or Truth In Lending- RESPA Integrated Disclosure rules went into effect earlier this month, and already real estate agents and those they serve are facing delays.
The new rules, which aim to enhance disclosures as part of the fallout from the Great Recession, are adding about 15 days to basic transactions involving mortgage financing, according to one expert. Inman News has a breakdown of what impacts consumers can expect to face before they get to the closing table.
One consequence noted: Double closings are going to be harder to pull off under the new rules. So if you are thinking of selling a house and immediately taking the money and using it to buy another the same day, that could be tricky.