We are now 6+ weeks into the new TRID/CFPB regulations, and Stewart Title is starting to have a steady stream of TRID closings. Many of the TRID closings have gone smooth and several still within the 30-35 day window lenders usually need. Those are the good things. The not so good things, are loan officers not fully educated on the process, issues with the lender completing the Closing Disclosure (CD) and the extra work hours that are being spent on the files due to this. Many Realtors are also not up to date on the procedures and wondering why their closings might possibly be delayed. There is also another issue we are starting to see with TRID closings, which we hope does not become a pattern. This is something that is being seen not only by us, but other title competitors in the local Northern Virginia/Washington DC market.
The economy is improving. Jobs have increased and the unemployment rate has fallen to 5%. This is all great news for our country and real estate. It also means that the Federal Reserve is more inclined to raise interest rates. The “Fed” has had interest rates very low for quite some time. This has allowed homeowners to refinance at even lower rates, and buyers to take advantage of lower mortgage payments. That could all be altered a bit with a December rate hike when the Federal Reserve meets on December 15th and 16th of this year. What does this potential rate hike mean for your buyer clients? It means several things, but the important thing is how do you get your buyer clients motivated enough to make a move before this impending December rate hike?