Is TRID Creating Longer Loan Closings? – NMP Skip to main content

Is TRID Creating Longer Loan Closings?

Phil Hall
Dec 16, 2015

In the first month after the implementation of the new TRID rule, the average time to close a loan increased by three days to 49 total days, according to the latest Origination Insight Report issued by Pleasanton, Calif.-based Ellie Mae. November’s lethargic loan closings are the longest recorded closing times since February 2013.

Ellie Mae determined that the average time to close conventional, FHA and VA loans last month all increased to 49, 49 and 50 days, respectively. Closing rates for all loans reached their highest point, 68 percent, since Ellie Mae began tracking data in August 2011, while the closing rate on purchase loans increased to 72 percent. Ellie Mae also reported that the average FICO score on all closed loans fell to 721, marking the sixth consecutive month of decline.

"We are beginning to see the anticipated impacts of the Know Before You Owe changes that went into effect in October," said Jonathan Corr, president and CEO of Ellie Mae. "Additionally, we've seen the percentage of refinances increase to 46 percent of all closed loans, most likely driven by a recent dip in rates over the last three months since the 2015 high point in August."

Published
Dec 16, 2015
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021