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Just this year, changes have gone into effect that greatly affect the lending process. Together, these changes are known as TRID.
Basically, the lending system has been completely overhauled and really made to be consumer friendly. The goal was to make the entire lending process clearer for you as a consumer, including what exactly you can afford to pay and what your closing costs are. I think this is going to be really helpful for everyone involved.
The problem with these changes is it takes some time to implement the process and train everyone to make it happen. TRID went into effect on October 1, and we've seen a general slowdown in the length of time it takes to close. Average escrows are taking 45-60 days to close, but the best lenders are still able to push for faster closings. Additionally, on average, it's taking longer to remove contingencies than the contracts actually called for.
Right now, we're just asking people to be patient with the process as everyone figures out how to make it work smoothly. If you have any questions about the changes to the lending world, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!
