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TRID lengthening closing timelines

Dec 30, 2015
The average time to close on a mortgage was 49 days in November, the longest timeline since February 2013, according to Ellie Mae’s latest Origination Insight Report. Conventional and FHA loans each averaged 49 days, while VA loans averaged 50 days. The National Association of REALTORS has flagged the new RESPA-TILA “Know Before You Owe” mortgage regulations as the likely culprit for the longer closing times. 
NAR Chief Economist Lawrence Yun said in a statement last week that the longer time frames to closing likely pushed would-be November transactions into December. 
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Empire State housing market stays hot in January

New York State home sales remained strong to start the new year with 8,698 closed sales, falling just shy of the 2017 record for January, according to the annual housing market report released by the New York State Association of REALTORS. The January statewide median sales price of $266,000 represented an increase of 8.4 percent from a year ago. Click here to read more.