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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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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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