On the subject of delayed closings, one agent had this to say: “All of my closings are taking two to four weeks longer to close, and there has been a lot of confusion…”
While most borrowers felt positive about the new forms, 63 percent said their experience with TRID prevented them from closing on their new homes within the desired timeframe.
The Mortgage Bankers hailed the bill for supporting a number of MBA priorities and for rejecting an administration proposal to fund FHA technology upgrades through a fee on lenders.
“Investors are taking the conservative approach,” said the Morrison & Foerster attorney. “No one wants to be the test case. They’re all worried about what a court might say.”