Campbell's HousingPulse survey tracked the share of home sales that closed on time as well as total average closing times for all loan types and found, "no clear trend" across loan types. The total average closing time including delays for most loan types stayed relatively level or showed only a slight increase between September and October, according to the survey.
"I think if we see a significant slowdown, and it doesn't have to be that significant, 30 to 60 [days] is pretty significant, if we see that slowdown start to happen, we're going to see deals fall through and lenders change in the middle, and that's the cascading effect that we are most concerned about," Mark McElroy, CEO of Pavaso, a digital closing platform, said in early October, when the rules went into effect.
At this point TRID is still quite new, but real estate agents are not raising red flags.
"We are not hearing so much noise," admitted Lawrence Yun, chief economist of the National Association of Realtors, who characterized Realtors as a "noisy bunch." He suggested the rule changes may in fact be a nonevent.
In a twist, anecdotal evidence suggests the new rules could be expediting closings.