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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 home sales stay at elevated level during April

Against the backdrop of fewer homes on the market, homebuyers in New York State closed 8,640 sales during April, falling only 2.6 percent from April 2017. The median sales price growth trend continued, increasing by nearly 12 percent compared to last April to reach $260,000 for the month. Click here to read more.

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