Did TRID kill consumer satisfaction?

TRID implementation made many changes for all lenders complicating the mortgage process.  Let’s be real – TRID implementation was painful. However, TRID had a positive impact on borrower satisfaction and post-TRID borrowers are much more likely to have been contacted prior to closing, according to Garth Graham, Senior Partner with the STRATMOR Group. Their recent poling of more than 150,000 borrowers determined where borrower satisfaction lies within the pre and post TRID implementation. Here is what they found.

Prior to TRID implementation (October 2015)

  • Borrower satisfaction was at 86%.
  • Only 82% of borrowers were contacted prior to their closing.
  • Closings were taking an average of 45 days.

After TRID implementation (July 2016)

  • Borrower satisfaction was at 89%.
  • 86% of borrowers were contacted prior to their closing.
  • Average time from application to closing moved back down to 46 days after reaching a peak of 51 days during implementation.

What we can infer, according to Graham, is that higher levels of contact prior to closing have been implemented thanks to TRID and we also conclude that TRID has in fact increased borrower satisfaction to some degree.

Garth Graham is a senior partner with The STRATMOR Group and he regularly columns in National Mortgage News and American Banker. The STRAMOR Group is a data-driven mortgage advisory that works for lenders to help make smart strategic decisions solve complex challenges streamline operations improve profitability, and accelerate growth. For more information and to contact Garth Graham email garth.graham@stratmorgroup.com.

 

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